Ask for advice on partnership terms (%, title, LLC or not, exit)

[Yuhong Gu]

Hi All - I'm considering investing in a beach rental property with a partner and much appreciate your advice on a few key terms. 

We are splitting down payment and all the work (managing renovation and furnishing the condo, getting & managing renters, ongoing house keeping, repair, dealing w HOA, etc.). My partner found the property and has more hands on experience and local network (he has recently invested in 2 properties in that area vs I've only been a passive investor in RE fund and this is my 1st active investment), and want me to take on the mortgage.

My questions are: 

- What partnership % is fair in your experience? 

- Should my partner be on the title if I am taking on the entire mortgage? 

- Understand lending terms are likely better if the mortgage is under my name vs. LLC, what are the downside if we don't set up LLC, but reply on only partnership agreement?

- How have you structured exit terms? e.g. no exit for 5 years to ensure long term hold rental strategy, or buy out provision if 1 partner wants to exit? how have you defined buy-out terms specifically (e.g. assess fair market value at the time and 1 partner to pay the value owned by the other partner?) 

Thank you so much for your help.