STR partnership with a property owner

[Allison W Gammon]

I know that Rental Arbitrage is a thing, but I'm thinking about something slightly different. My friend owns a property in a desirable area and wants to sell. Rather than purchase the property, I'm thinking about offering a STR partnership agreement. She owns the property, but I take care of all STR maintenance, cleaning, booking, furnishing, etc. I'm also considering offering to pay the taxes and cover all maintenance and repairs. Has anyone done something like this? I have to run numbers to see what makes it worthwhile for both of us, but off the top of my head, I'm thinking that we share the booking funds 70/30 (70 to me, 30 to her) and I use those funds to cover all costs and make my profit. She just gets money. Does that sound like a reasonable option? Of course another option would be to use booking fees to cover STR expenses, taxes, repairs, maintenance and then share the profits. Just wondering if others have done anything similar. We would obviously talk to a lawyer and have legal documents drawn up etc.