Question on how to structure a partnership- (First time investor)

[Peter Carboni]

Hey all, 

I'm about to pull the trigger, with a partner (my best friend) on a house hack (fourplex) in a city near me in Massachusetts. I'm in an interesting position (i work on a cruise ship) and I'd love some insight on how to structure the partnership. 

Since I work on a ship, my partner on the deal is planning on living in the unit (don’t worry, it will still be my primary residence, no fraud here!) and taking on the role of property manager/full-time landlord in exchange for a stake in the property’s equity.

To be clear, I am the one putting down the capital to purchase the deal and she is the one who will be living in the owner-occupied unit for most months out of the year as landlord and property manager.

One last detail is that the properties we are looking at just fall short of cash flow positive since we are only putting 3.5% down. So she will have a cheap place to stay (well below market rent) and equity in the deal in exchange for her work as PM and LL. She could even take on a roommate for our unit and turn the property cash flow positive.

So my questions are:

1) What’s the fair equity split in this scenario? How much equity would you share with this partner if you were in my position?

2) Do you have any stories, experience, or resources you could point me to on how to structure such a partnership?

I would be so grateful to hear any advice you have on setting up sound partnerships so that everything is clear and laid out from the beginning and everyone feels compensated.

Any of your insight would be sincerely appreciated!