Owner occupant/partner situation

[Jordan Richardson]

I have a situation I'm trying to work out - figured I'd bring it here for some advice. So a lifelong buddy of mine just returned home from basic and would like to partner up with me in a long-term flip (holding it for at least a year). We plan to purchase a Fannie Mae property as owner occupants. Hopefully we'll have a better chance of obtaining the property before other investors get the opportunity to bid. My question is how should we structure this deal between us? Should we cosign, possibly put the entity in an LLC? Possibly just have it under my name and view him as a "private lender"? I don't see him flaking on me but stuff happens. Any advice would be appreciated.