Buying Investment Property with Partner

[Linda Roberts]

Hi, I want to buy a multifamily home with my relative. General idea: I pay cash for entire house and for renovations (already got funds). My partner is in rehub business, he will do renovations. After renovations are done I refinance the house and take mortgage on my name. Since this time we own house together 50/50. He is responsible for house maintenance, work with tenants and property management.  I pay mortgage, and we split remained cash flow. If the house is vacant, or require renovations, we split the expenses. For exit strategy, if one wants to sell, the other can buy the second half by market price, or we sell this house, pay back mortgage and split remained funds. 

Please tell me, what roadblocks should I consider?  What potential problems I should think in advance? Is there a standard agreement for this type of purchase? Please recommend any literature that I should read first.

Appreciate your help.