Investing in a property with a friend wanting to start investing

[Kevin Smith]

A good buddy and I are looking at a property that has 3br and is listed for 140k. We would live there and rent out the 3rd bedroom. Looking at about 10k for renovation. 

When seeking financing, would we both be on the same loan? Or could a bank structure 2 different loans for the same property? For instance, we’re hoping to get 150k financing. 100k for me and 50k for him. Would they run our income together? Or could I get a loan for 75% of the costs and him 25%? What is the best way to go about a 75/25 ownership split?