How to set up partial ownership?

[Ian Verzoni]

Needing advice on how to operate with partial ownership?  I'll have a 20% stake in the house, partner will have 80% stake and we are going to buy the house in cash.

- I'm putting 20% into the deal, paying for the reno, managing, doing analysis, and doing day to day.

- Partner is acting as the bank and I'm going to pay them "mortgage" payments plus interest

What documents do we need to write up? Promissory note, deed, mortgage, etc?

I'm paying taxes and am getting the homeowners insurance policy, how do I make sure that they are covered as well from a liability perspective?

How are taxes figured out?

I'm reaching out to lawyers and a CPA as well but would appreciate the BP communities advice as well!

Any help or past experiences is greatly appreciated!