Since both you and your workout partner are new, I'd keep the menu of exercises fairly small to start and expand your selection as you gain experience. This will let you really nail down proper form and learn each exercise correctly and thoroughly before moving on to others.
My suggestion would be to stick with big bang compound exercises and to make sure you cover each movement pattern and each movement plane over the course of your training week.
Using a M-W-F pattern that you said you will use, I would rotate between my "A" workout and my "B" workout.
I would do a hip dominant and knee dominant exercise in each workout for the lower body and for the upper body, I would split the days into vertical plane and horizontal plane. I would also do a core exercise each workout, but to start I'd concentrate on the abdominal muscles stabilizing and rotation duties and instead of doing trunk flexion exercises such as crunches to start I want to build stabilization with some planks and the rotators with something like woodchops.
Also, most people have some muscle imbalances in general and almost everyone has some left side/right side imbalance. The general imbalances we hope to address or at least keep from reinforcing by balancing our pushes and pulls, horizontal and vertical, etc .To uncover and work on the side to side imbalances, I like to incorporate some unilateral work in the workout as well.
So, I would suggest something like:
"A" Day
1.Squats (If you are not yet up to using an olympic bar, you can use one of the lighter body bars or use a dumbell and do a goblet squat)
2. Supine Hip Extension (Start these using your feet up on a bench and progress first to a swiss ball, then progress to using a swiss ball and adding a leg curl, and finally progress to one-legged SHELCs
3. Dumbell Alternating shoulder press.
4. Chinups (using an assisted chin machine or bands for assistance if available) or lat pulldowns.
5. Planks
"B" Day
1. Romanian Deadlifts
2. Dumbell Step ups or Dumbell Lunge
3. Dumbell Bench Press
4. Inverted Row (sometimes called a horizontal pullup) using the smith machine bar or a bar in a power rack. If these are unavailable, you can do a bent over row, seated cable row, or dumbell row.
5. Cable wood chop or since you have a workout partner a fun rotational core exercise may be to pass a medicine ball back and forth. Pass it to the side though, not face to face, face forward and pass it to your left. He'll be facing forward and passing it to his right. For the next set, switch places so you are passing right and he is passing left.
To start, I would keep reps higher to keep loads lighter so that you can learn form. I would go with 2 sets of 12-15 reps for the first 2 weeks, then switch to 3 sets of 8-10 reps for the four weeks after that and then evaluate how the program works.
For the planks, start with 3 sets of 30 second holds and try to progress up to 45 seconds, then 1 minute.
If you choose to do the medicine ball tosses as your rotational core exercise, keep the sets even so that you get equal left side/right side work, so instead of 3 sets of 8-10, either stay with 2 sets of 12-15 or go to 4 sets of 8-10.
Some fun partner type HIIT if you have access to the larger jumpstretch bands is some runouts or partner assisted runouts or some of the other stuff in this video.
http://www.youtube.com/watch?v=AOyrEHSkzAc
The really cool thing about parnter resistance band training is that while he is working, you are partially resting and when you are working he is partially resting. The reason why I say "partially" resting is because in order to keep him from pulling you along with him, your stabilizing muscles are working overtime.