Short Term Rentals - How do I set the correct partnership?

[Marc S.]

Hi All -

I currently own 4 long term income producing single family properties. Purchase these SFR in the last year. I am now venturing into short term rentals. I shared with a good friend of mine what I've been doing. He now wants to invest with me on my next purchase. We agreed to invest in a short term rental on the Florida coast.

I will be doing all the work as far as finding the STR, managing through ArNB etc or other rental sites, and finding a property manager for the house.

I am just curious to hear from the group , what is the appropriate way to set up this partnership with my friend?, and how do I set it up so I dont put any of my money into this deal? Thank you.

Marc