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Updated 4 months ago, 08/24/2024
Advise needed for 1st Investment Property
This is my first time browsing this forum. Please be patient with me. I am sure some of my questions have probably been answered before.
My aunt purchased a property in Tucson Arizona with a single family house. The house will be vacant starting September 2024. She is based in the Philippines and plans to stay in the property every 2-3 years for only a couple of weeks. So technically the property will be empty most of the time. She wants me to help maintain the property.
Since I will be maintaining her property, I am planning to offer her to convert it to an Airbnb rental and I will run it for her since I am based in Tucson, Arizona. Considering I will be maintaining the property (overseeing the construction so I can convert it to a multiplex, all the Airbnb needs including advertising and looking for customers), what would be a fair split? Or is there an acceptable or usual profit sharing for this kind of arrangement? I was thinking 65 (Mine)- 35 (Aunt). I am thinking this would be fair since she had no intentions to earn from it to start with.
Thank you