Investment situation question

[Nicholas Reyes]

Hello BP members! 

I am looking for some advice concerning investments with my partner a.k.a. my brother. We were brainstorming some strategies to purchase our first property, we have an idea to purchase one home with conventional lending and the mortgage in my name (I have an FHA loan for my primary residence), and purchasing another MFH with an FHA loan in only my partner's name. We hit a roadblock when discussing the tax situation. If we split costs 50/50 for everything, how do we factor that in to our taxes since each individual will have a loan in their name but the costs and profits are split? Thank you for any advice/input!