How to structure a partnership deal

[Lauren Milam]

Hello! I am looking for some advice on how you structure deals when pulling in an outside party.

Here's the scenario. We are purchasing a home for STR purposes and have someone who wants to invest but wants to be 100% hands off. We will have a rental management company so we will be pretty hands off as well.

How do you set up these sorts of deals? Do you create an LLC? Do you each put in 50/50 at closing? Just trying to understand how people partner up and the details of the agreement. Thanks!