Multi Family Partnership Structure

[Casey Hampton]

Hello all, 

I am looking to purchase a multifamily property in the Houston area (single family, duplex in the back) with a partner. We am looking at a 203k or fannie mae homestyle loan for the low down payments (recent grads). My question is how should we structure the partnership since only one of our names can be on the loan? 

Additional info:

- We will both live at the property and rent by the room 

- Loan would be in his name but has been working less than a year (100k+ salary)