Buying A Property With A Live In Partner

[Joseph Platyan]

I have a friend that is looking for his first primary residence. He doesn't have a ton of cash so him and I joked about the idea of partnering up where we'd buy the property together. He would live in it as a primary starter home and I would own it as part investment. We'd be interested in a single family or a duplex and would like to try using the BRRRR strategy on the property (except he would be the renter).

How would you structure this that it would be beneficial for you the investor if your partner was to actually live in the property? I'd obviously like a little cash flow out of the deal so maybe I would tack on an additional $100-$200 as "rent" on top of all expenses. My buddy is handy and interested in a bit of a "project" as well. 

I am just not sure if its beneficial for me or not at this point. Has anyone done something similar?