For last year, it is too late to file for a partnership You can do this without one, however, you have the issue of one person not being on the deed. For that person, they may want to seek professional help.
Basically, the person who received the 1099-Misc, can issue you and the other person a 1099.
Each of you will report your share of the expenses, such as the mortgage interest, taxes, etc. The one that's name is not on the deed could enter the income as a miscellaneous expense as payment of share of interest for mortgage instead of as mortgage interest.
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