Purchasing home with parents assistance. How to best split?

[Brittany H.]

Hi everyone! We need your help!

We're looking to purchase a 3 bedroom condo in Boulder, Colorado. Seeing as it's very expensive here, we've considered asking my parents to invest in this home as well, and split the ownership. In addition to 50% ownership, they'd also have their own room to stay in whenever visiting.

We've never purchased a home so go easy on me!

Here are the details:

Listing Price: $600K / 3 bed / 3 full bath condo

What I'm considering: 

Parents would cover the 25% downpayment ($150K)

My husband and I would immediately put in $60K towards renovations. We would do most of these renovations ourselves.

My husband and I would be responsible for 100% of all maintenance/repairs/renovations for the lifetime of the condo ownership. 

We would split the monthly payment (P&I, HOA, Taxes, Insurance) 60% (us) and 40% (my parents).

When we sell the property, their initial down payment investment would be repaid first,  and then we split the proceeds 50% / 50%. 

Is there a better way to structure this? I want to make sure they see this as a great investment opportunity when we present it to them, so I need all the help/recommendations we can get.

If we purchased the condo tomorrow and the value dropped $100K next week, I would want to ensure that my parents recoup their initial investment of the downpayment, but I'm not sure how to properly word that. 

Thanks in advance!