partnership without llc/llp and with conventional financing???

[Mike Landry]

i have a friend that wants to get into realestate. He likes what i have done and wants to pursue a similar strategy. I buy, rehab, refinance, and rent, also known as brrr. The problem is he doesnt really have the time or resources to do the research but he does have the capital. 

What are your thoughts on partnering without an llc or llp. I would only have a 10-20% share. We also would like to obtain conventional financing in his name. So i assume the property would have to be titled in his name only. Are there any restrictions on conventional financing when title in one person name but part of a partnership?

We would do a trial run with 1 or 2 properties and then see if its working for both of us before going further.  A partnership agreement will be written up as detailed as possible. Llp will be considered for the future but not sure we will start with it. 

Any concerns problems you can think of are appreciated.