Partnership contract with conventional loan financing ?

[Matt Kowske]

Is it possible to take advantage of the government guaranteed 30 year low interest loan while still utilizing a partnership in some degree? Would it be legal to purchase a rental property under my own name to ensure a government loan at fixed rate and then write up a contract with a partner in which they agree to pay me a fixed amount each month (1/2 the mortgage payment) and I agree to distribute half the equity profit on sale to them? Obviously there would be more conditions... has anyone done something like this? Is it possible and/or legal? Thanks!