Investing with a Partner - The Mortgage and The Title/Deed

[Jon Perrault]

I am working with a partner to purchase our first single or multi-family home as a 50/50 split. (Don't worry-we have our own formal agreement detailing everything out). However, when it comes to actually obtaining a mortgage, we want to make sure we don't miss anything and do things in the easiest and best way possible. 

1.) Should only 1 person get the conventional mortgage or should both parties be on the mortgage?
2.) Would it be in our best interest to add both of our names to the title/deed? Or would we be better off opening an LLC and transferring the title/deed to an LLC? (Ensuring we don't get a DOS clause added into the mortgage paperwork)
3.) For the title, would you recommend Tenants in Common in this scenario?
4.) Any specific tax pieces I should be concerned about?

Thanks for your help on this! This is our first time with this!