Question - Friends Buying an Investment Property Together

[Adam Michalak]

Dear all,

My friend and I are looking to buy an investment property together that neither of us will live in. Because this is the first property we are purchasing we are not going to form an LLC yet. We will sign a TIC agreement with a solid buy-out clause and exit clause. Our question is specifically, how will financing look for this property?

To be clear the type of property we are planning on buying is a single family detached 3b/2ba for ~100K. 

Is there anyone with experience buying a property with a partner outside of a LLC that can speak to this? Specifically anyone who has purchased a property with a friend with a Tenants in Common agreement for the mortgage and title of the home. Any and all pointers are welcome! Thank you in advance for your response!

Kind regards,

Adam