How to buy a home with a friend under these circumstances?

[Cam McKewan]

Hi, I was interested in buying a home off of my dad (but the home is also in my name too) what would the best way to do this?
The home is worth 100k and I wanted to buy it as a rental property and keep it solely in my name. I have the money for a down payment but low income but good credit. My friend makes 40k a year with good credit but does not have any savings. Would it be possible to buy the rental property off my dad (even though it is also in my name), and put it soley in my name? It rents for 1200 a month the mortgage would be about 400 a month. I would pay for the down payment and we would use my friends job to get the loan. My friend and I would then split the cash flow left over each month evenly after paying the mortgage. Is this possible? Is this usually how it is done when partnering with a friend? Is this a fair deal for both of us?

Would another option be to get a home equity loan against this rental property that is in my name and my dad's. Maybe we could pull out 75k and then buy another rental property. Could my friend cosign with me to get a home equity loan?

Which would be the best option?

Thanks in advance for any advice.