Mechanics of purchasing residential property with partners?

[Peedy R.]

I along with 3 partners are first time home buyers and are interested in purchasing a quadplex together, as it makes incredible economic sense. This is in the Los Angeles area.

What are the mechanics / logistics around this?

1. How is getting financing impacted? Can we get individual residential loans?

2. We would be interested in doing a condo conversion so as to make a clean split of the property

3. Any other considerations?

Your thoughts and tips are greatly appreciated!