question about partnership in REI from a newbie

Hi, I am a newbie here. I have a question regarding partnership in REI. If I am going to partner with other people to invest in real estate, say 5, how does this work when it comes to getting a mortgage with 5 people? I guess this is a privacy concern, is it possible for us not to know each other’s full financial information yet still can provide all the information the lender needs to qualify us for the mortgage? ???

It would seem to me that some sort of legal structure, i.e.
an LLC or inc., would be the smart thing to do from a personal financial standpoint and for ease of investing, that is, getting money.