I don’t recommend it – too many hassles (and this is coming from someone who can handle hassles). You will need to basically write up a partnership agreement to make sure that everyone does their fair share, when you can buy each other out, etc. What if the other person loses their job, and then can’t make up their mortgage payment, you will have to pick up the slack, etc. Too many what if’s when you are by yourself and it gets worse when you involve other people, particularly friends and family (a good way to ruin relationships is to involve friends and family in money).
As for qualifying for it, it’s not too difficult if the property is less than 5 units. That will make it residential and the LTV ratios, income requirements, and other documentation are not that severe.
Honestly, I would recommend just trying to qualify for the property on your own and see where that gets you. Do the math, see what you can afford, etc.
Oh, and by the way, if you are thinking of buying anywhere in California, I doubt there are any four plexes or less that will work as good income properties right now (I’ve been seeing four plexes for around $650k and more. It needs to get around $500k before it starts working).
