Getting Started - 50/50 Ownership - Partnership

[Carlton Chestnut]

My brother and I are looking to purchase a multifamily property together 50/50. We look to use a FHA loan (one of us will live in one on the units) and split all work, profits, expenses, and equity down the middle. We don't believe we necessarily need to form an LLC for this initial investment but would love more in sight into the proper process of pulling this off. Ideally we would get an attorney to draft up the specifics of our arrangement but things that we are unclear about include things like, who should take out the mortgage (both names v.s. the one who can get the better offer), what documentation is essential i.e. equality/partnership agreement. Any info/advice regarding this would be greatly appreciated - this will be our first purchase.