Investing with Friend - how to effectively pull most equity later

I have recently partnered up with a friend - and we are bout to put offer on the table for a bank owned house. We are not an LLC - what is the best way going about this if down the road we are going to pull an equity loan on the house?

If me and him both put our names on the offer and get the title, will we both have to get approved to get that loan?

What is the best way? LLC, sign on my own with "our" funds, or what?

Both me and my buddy have great credit, both good jobs, but we are just looking ahead to see if this would cause issues down the road.

Thank you for your insight - I greatly appreciate it!