Purchase SFH cash or use a partnership?

[Max Malec]

Hello all, 

I am a longtime reader and fairly new to action in the DFW market. I was recently downsized out of my job while in the midst of looking for a deal in the DFW market. I am looking to build a portfolio of single and multifamily homes surrounding Dallas but with the unfortunate timing of being let go before doing my first deal, I will have trouble getting a traditional bank loan. 

I have enough cash to buy a deal in the ~$200,000 range (as well as a small amount of regular dividend income) but would prefer not to use all my capital on one deal. If I were to do this, I would want to rehab then put a mortgage on the property after a seasoning period (essentially the BRRR strategy) but, even if I force appreciation and it cashflows, I am still worried about finding a traditional lender.

I thought I might use a partner to co-sign a traditional mortgage with 20%-25% down and that way I could do several deals with conventional financing using my saved capital. What might banks think about offering an investment loan to two partners, one with decent steady income who just signs the mortgage and one who supplies the down payment? 

Any help and ideas are greatly appreciated!