He might be better off finding a private individual to loan the money at 12%

In my state there is a condominium declaration, which is a legal process to subdivide a property into individual condo units.  

I came to join BiggerPockets by stumbling upon some amazing stories of individuals success, and hope I will be able to tell my story one day.

One must consider price point (if the exit value is under $100k, then the 70% rule needs to be more like 65% or better) and if the exit is say $500k and in a hot market, then rehab flippers could still make money today (key word today) at 80% rule.The price point, the market conditions, the level of rehab, the rehab extent, the individual investors capabilities, the financing, and many other factors all come into play.

However, depending on the lender, the underwriters will also want to underwrite back to the individuals.

Jay Hinrichs Sorry for the late response!

We also plan on partnering with a friend to help with initial investment, cosmetic rehab (we plan to do the work ourselves and are not looking to knock down walls or anything major), splitting property management responsibilities, etc.I am hoping the community can help me out with some questions that I am still trying to tackle.1)  I am struggling with the financing aspect of acquiring a loan with a partnership.  

It's certainly more likely that you'll get a response than a yellow letter, but I bet you'll need some thick skin for the responses you'll get.  

The more people held responsible for back rent or damages,  the more chances you have of collecting your money through garnishments, or collection agencies, etc.Also make sure you get a Co-Signer whenever possible.  

@Charlie Vollers,Yes, in Denver, I've seen many examples of the duplex getting divided into two separate deeds and sold off as two individual "half duplex" or "townhome" or "single family attached dwelling".