Should I share a Conventional Loan with a Partner?

[David Eiges]

I'm looking to purchase a small multi-family investment property with a friend in Arizona.  We are planning to go 50/50 on the deal and take a loan out.  We'll share profit and expenses.  What is the best way to go about this?  Should be both be on the loan or should it just be one of us?  If the latter, would that create unnecessary tax implications?