Unit Trust or Buy Individually?

I'm in the market for my first IP. To date I've been looking to make this purchase in my name. I have a long-term investment horizon and I'm keen to build a decent property portfolio over the next decade.

However, a friend has suggested we should pull our resources together, start a property unit trust and invest in property together. Totally trust my friend, so no problems there...but I really don't know much about unit trusts.

What are the advantages and disadvantages of unit trust versus simply buying IPs yourself? Are there any pitfalls that I should be aware of with unit trusts?
 
What are the advantages and disadvantages of unit trust versus simply buying IPs yourself? Are there any pitfalls that I should be aware of with unit trusts?

Yes, pitfalls as discussed on this thread: http://www.somersoft.com/forums/showthread.php?t=57010

Primary one is that YOU will be considered responsible for the WHOLE loan as will your friend. But the lender will only take into account 50% of the rental income for debt servicing - double whammy.
 
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