How do you form a partnership with a friend to buy a multi family

[Angel Moreno]

I purchased my first home last month on a 5% down payment with quicken loans on my 22nd birthday. My mortgage is only around $600. I could easily rent it out for around $1100. Its a 2 bedroom with a 1 car garage and finished basement with extra bedroom with bathroom.

I talked to my lender about buying a duplex using FHA 3.5% down next and he said I could do that no problem in a years time. I would still need around 10k dollars for DP and closing cost.

My question is how can me and a friend put our money together to buy a multi family and share the profit? What are the conventional ways investors partner up in real estate?