partners on down payment, only one on loan... implications?

[Nicole S.]

Sorry if this post is repetitive... I've searched and didn't find the answer. Feel free to point me to the post if it exists. :)

I have a business partner and we want to invest in a property together. We will share the down payment 50/50, and split any profits or costs in the same manner. We are establishing an LLC and a partner agreement, so we are all good there. Here's the question... Only one of us will be on the loan. Is this something that is common? What are the implications of this that we should consider, financing, legal, tax, or otherwise?

Thank you so much!