Trade off loan borrowing

[Account Closed]

An out of state friend wants to partner with me in a SFH which I hope to occupy as primary residence for house hacking purposes for certain amount of time. He expressed interest in having his name as the loan borrower. So I don't need to have the loan under my name. We plan to split cost and ownership 50/50. Since my name won't be on the loan, I won't be able to claim tax credit, any tax deductable expenses, and can't project any rental income correct? He has a visa restriction and can't show second source of income beside his day job. Which means he can't show rental income either. But he can still get tax credit for buying a primary residence along with all the expense, no?

Is not receiving depreciation credit, tax credit for primary residence a good trade off for not having my name under the loan? I am still responsible for half the cost, just not on paper.

I don't have immediate need for getting another loan but this certainly frees me up. If anything, it won't be another house, maybe something in tech, but not anytime soon.

If there were any bank that takes two borrowers and splits the loan amount per borrower, that would've been most optimal. None of the bank I spoke to does that..