Joint landlording / Landlording as a couple? - Philadelphia

[Kelsey Herbst]

Hey BP!

I was just informed an offer I made on a West Philly home has been accepted and we are starting the closing processes. I will be house hacking a triplex with an FHA loan and inheriting two tenants plus a garage space renter. Because my long term partner has always worked as an independent contractor, I am the one who had to apply for the mortgage because of my W2 history. Once we close we will be looking to add his name to the deed and have dual ownership and splitting all costs and mortgage payment equally (although the mortgage will still be solely in my name).

Does anyone know if we could both be the landlord entity of the property? How should we go about doing this, and is there any weird legal Pennsylvania laws prohibiting this sort of thing? Is there pro's and con's to being either a joint landlord or myself just being the only landlord? 

Thanks in advance for any insight!

[JD Martin]

This has "Danger Will Robinson" written all over it. 

1. Who is putting in the down payment? 

2. Why aren't you applying for a joint mortgage? That should make your application stronger, not weaker, and make both of you responsible for the liability.

You are asking for trouble having a "partner" own part of an asset he has no financial liability in.