How to approach a bank for financing?

[Dave Ringstaff]

I currently own one rental property and it is the only mortgage in my name. I would like to purchase a second property and I would like to do so with a partner, splitting the costs.

Let's say I have someone who is ready to go. How do I then get financing from the bank? Will I need to open an LLC with my partner and go the traditional 20% route? Is there an alternative this? Of course I would prefer using conventional 5% down financing but is this possible when purchasing with a partner?