First deal as a partnership

[Matthew Fearneley]

Hi BP community,

I’m having trouble structuring a deal between my partner and I. I do not have a lot of taxable income as I’m self employed right now and don’t have 2 years of work. However, my partner has that but is not willing to put only his name on the mortgage as he wants my name on it as well so He doesn’t feel like he will be incurring all of the risk. We have the same mind set for real estate and I want him to be as comfortable and confident in this investment as possible so that we can move on to get our first duplex together. I would take care of the management and marketing of the property and he would supply the finance. I make around $900-1000 bi weekly and he makes more so we know we can afford it if we have any vacancies as all of the expenses for the property come in around 1400/month (our rent coming in would be around 2000). How can I structure this so that I can take 50% of the risk? I should mention I live in Fredericton NB, Canada and that those rough numbers are just a property we walked through. 

Thanks