Partnership agreement ideas

[Alexander Gutierrez]

Hello All!

Without a doubt the COVID pandemic has thrown off my original game plan, but that is okay, so I hope I can get some great advice here today! 

I currently own an FHA home and rent the rooms to tenants, so live for free! I just bought this home in September 2019. I have been able to save 15k since specifically for another home/ rental. I have spoken to a mortgage broker I trust, and have been told I can write this property off as a rental. All I need is a lease for the people that live there now, and I will say I need to "downsize" and this will allow me to qualify and get into another property quickly with a conventional loan. (how do you all feel about this strategy)

Now, the real question comes - I now am switching careers slowly, because of the pandemic. My income has been cut into half. I do have a friend that will partner with me. He has no cash to put down, but willing to be on the loan with me, for income purposes. We have came to an agreement on terms, but seems complicated. Does anyone have a straight and forward contract/agreement idea? I also want him to know I need him now and within 5 years will refinance the property onto my name alone. Any and all ideas welcome & appreciated! 

ps I will be living in the new property with my partner and possibly rent out if needed for whatever reason.