How to structure a partnership

[Steve Keisling]

I’m in Wilmington, NC. I just had a family friend offer to partner with me to buy a air bnb. I only have one rental and I funded that myself. I’ve never partnered before. We haven’t talked specifics yet, but I think he wants to be the bank on this. Does anyone have tips structuring a partnership with a private lender for air bnb? What is fair? Pay him back with interest commensurate with bank rates? Hard money rates? Do all profits go to him until the debt is paid, or do I keep some? Any help is appreciated. Thanks!