Partnership on a home that is already owned.

[Gerard Corning]

Hey everyone, thanks in advance to any advice you all have. 

A close friend of mine is moving from his primary house to another and wants to start renting out his property rather than selling. He would like to bring my wife and I into the deal and become partners on the rental property. 

My question is what is the best way to make that happen as far coming in on the title…etc? 

House is worth around 430k, his current mortgage is around 220k from when he bought a few years ago. 

My wife and I already have a few rental properties and plan to continue to grow our portfolio.  

Thanks again,

Gerard Corning