It cannot be done, save for the simplest of tax scenarios.

Then each own 50% seems like simplest terms.

A lot of people may consider these options borderline reckless, but I've used the following sources at different points in time:Credit Cards - You can cash advance or pay suppliers directly.Personal Loans - I've used the following: Prosper, Lending Club, SoFi, Best Egg, Discover Personal Loans, USAA Personal Loans (these are by far the simplest, if you're a member).

The simplest answer on how to structure this deal is - Structure it in a way where both of you are comfortable with the terms.If I were in your shoes I'd follow what @Jake Handler suggested.

If you don't have an on-site tenant, then hiring a property manager might be the simplest way to go. 

Simplest and easiest, high yield savings account or Money Market Fund.  

Again, you're side stepping the biggest SIMPLEST fact, all these potentials for how to do a transaction EXIST, and have for YEARS....     

This is the simplest method, but it also means your tenants are more likely to abuse the utilities by leaving windows open with the heat or A/C running, leaving lights on, ignoring the toilet that constantly flushes on its own, etc.3.

Next up by the way are insurance increases as the values go up and replacement costs grow higher.The simplest way to protect yourself is to calculate in your cost estimates the tax rate of the town times the purchase price you are paying, not the current value. 

What would be the simplest route to start out?