Legal Question in Real Estate Law in California

No. If your partner takes out a loan that is not repaid, it makes no difference who is on title to the security when the loan defaults and the property is sold for the debt. He didn't repay his debt; it hits his credit. The only way it would not hit his credit is if you refinanced the debt to your name only, along with taking the deed. Of course the deed would probably be an event of default requiring either immediate repayment or refinance anyway.