Buying a property with a partner

[Justin Shepherd]

Hello BP members, thank you for taking the time to read my post and share your experience. My question here is how would I go about securing my interest in a property that I am buying with a partner when only one partner is obtaining the mortgage for the property? 

Here is my situation- My self and a partner are buying a 4plex together, he will be obtaing the mortgage and we will both split the downpayment 50/50. To my knowledge a lender will not allow a non-borrower to be on title. Would it make sense to close on the property in the name of the borrower and then transfer title to a trust that is owned 50/50 by him and I? 

Thanks in advance for any response 

[Rich Vogel]

@Justin Shepherd you both are going to go on the deed as tenants in common and your partner is going to have the mortgage in his or her name. I have done this on several properties from large banks to local community banks and none of them have had a problem with it. I don't know how much of a relationship you have with your partner but I always open a bank account for each property and the rent check  gets deposited into that account. I then have the mortgage come out of that account automatically. Then transfer our portion out each month and then leave the balance of the money in the account for repairs vacancies and so on.