Company structure for duplex partnership

[JC Biggs]

hey folks.   Hoping you can help me work through something.   

My mother and i would like to build a duplex. We would like to do this as a legitimate business, ie: a partnership.   The current thinking is that she would provide $40,000 in seed money used for down payment on a construction loan.  Repaying the 40k would be my responsibility.  When that is fully repaid, we will both own equal shares of the partnership and any equity  in the property.   I am also taking responsibilty for making the mortgage payment in full every month.  (This topic will be a follow up question at the end) 

Heres where i get a bit confused. I will be living in one of the units for a year or so.   Paying rent that will go towards the mortgage, along with the other tenant. The partnership will have a small profit at the end of the year,  after mortgage payments.   Im concerned about the way this company income is taxed.  As im essentially paying myself, isn't this money going to be double taxed?  I could simply pay just enough that the company makes no profit,  but i feel like that would give the result of me pocketing more than i should.  Its important to me to keep this fair.  Does anyone have any thoughts on how to structure this so it works?  The ultimate goal is to build more units. My mother's profit comes in the form of equity split at sale of the property. All profits will stay in the company account in the interim. 

And now for that follow up question. I mentioned paying back her seed money would give us both equal shares in the company.  (paying the whole 40 is my pennace for her getting me in business)  But... should the fact im paying rent add to my share?   If it was just two tenants,  it would just be simple to split it down the middle,  but essentially i'm buying equity in the property every month. (Though i guess I would get that back, partially, at divestment)   Id like to hear your  thoughts on this as well.

Thanks in advance for your advice. Hoping i can find a scenario that's cut and dry and fair to both parties!.