Purchase Property with partner, mtg in one partners name

[Brad Z.]

I am in the process of acquiring a property with a partner. We are paying cash but will turnaround and get a HELOC pretty quick on it. The mortgage will be in his name, therefore the property will need to be in his name as well. We cant create an LLC and put property in it because he will be getting the heloc in his name only. Any ideas how we can structure it so we both ownership interest in it? Thanks for any feedback!

[Steven Hamilton II]

Sounds to me as a simple general partnership agreement should be written and in place for your situation.