Looking to move and rent current home with business partner

[Mike Simmons]

Hello all! I’m looking for some answers regarding a situation I’ll be going into here soon and I figure I’m not the only one.

I’ve got a business real estate partner and we own a few properties together. I’m looking to purchase a new personal home for family and keep the current home to rent out.

Ideally, I’d bring my partner into the equation and work out a deal to where we’d end up being 50% owners each and rent it out. My question is, what is the proper and best way to ensure that we both come out of this even and fair?

I currently owe 120K on the home and it’s worth about 185K. Is it as simple and him paying me half of the equity currently in the home? I feel like I’m overlooking many things here. Thanks!