New to buying with an Investor

[Carlos Nunez]

Hi All! A friend of mine, with whom I have invested in other things before, wants to invest in the area I live in so approached me and offered for me to buy property with his money and then split earnings. (He lives out. If state). Right now I am looking to buy the first property but he will be the only one in the bank loan (already has the preapproval). So here is where I would appreciate if BP community can help me with. The realtor says that I cannot go into contract without him being the one on the contract. So the realtor wants him to have to sign everything. That is exactly what the doesn't want. He lives out is state, he is busy, and doesn't want to have to put time into this. Is the realtor right? Is there any law against that? What would be best and less costly if I need to form an LLC or so?