Is it a Red Flag to Not have all Owners on Loan?

[Franklin Marquette]

Hey all,

I have a property that I own as tenants in common with a few friends. I am the only person who lives at the property. It is classified as my primary residence. I am there basically to oversee the renovation and then I will move out.

Anyways we plan to get a second lien to find some of the renovation. My mortgage broker has told me that generally her second lien lenders do not allow non-occupant co-borrowers on the loan. Is it sketchy / any red flags to not have all owners on the loan?

Not sure if it matters but my US Bank 1st lien only has 2 of the owners (myself and 1 other) on it. This was done because the US Bank loan officer did not think it was necessary to have all 5 owners. 

Just want to make sure I am not making any big mistakes here. My attorney today told me that this is a huge red flag and is extremely uncommon, but according to my mortgage brokers and US Bank loan officer, and own personal experience, it is extremely common. My attorney could just be wrong.

Would appreciate any insight the community has. Thanks!