Buying Property with a Partner

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Hello,

Due to the fact of being a bartender for the last several years, and having student loans, my debt to income ratio is quite screwed up, making it near impossible to get a mortgage. For this reason, I'm buying a property with a partner, but we're putting the financing in his name. The property (duplex) is rented, and we're opening a joint bank account once we close. We'll be splitting all the costs and have the rent and bills coming from this joint account. Then we're starting an LLC and moving the house under the company, and save up over a year for the next one. My question is do you think this is a smart idea, and if something goes wrong, will I have any recourse to get my money out of it?

Thanks!