You can hold title as: Joint tenants, Tenants in Common, Tenants in Business Partnership or as Community Property with the Rights of Survivorship.I am not sure about easier qualification for loans dependent upon the method of holding title. 

You might be better of partnering with your friend on a specific deal rather than start out looking for a business partnership.  

It sounds like it would make sense, if the seller is offering to finance the 20% or you dont really have great credit or if your buying the property in an LLC/partnership.

Corporations, LLC’s, partnerships or other seller entities do not qualify for the one-property exclusion.

They also do other property management functions as well.

Restricted licenses.Some realtors who work for a long time to go into partnership to share the rehab work.

I currently have a partnership LLC with my wife.

Let's establish relationships, friendships, partnerships and learn from each other.

I assume that the devices and breaker have been functioning without issue for some time?  

You are in function selling the property, but by detail are selling a company that happens to own a property.