Tips for two people going into a house hack deal together?

[Ethan McRae]

My business partner and I are interested in house hacking together and then moving out a year or two after we purchase and renting out the entire house. This is our first RE deal. 

In general what advice would you give people in our situation? 

Many thanks!

[Evan Polaski]

@Ethan McRae, picking a business partner is a lot like picking a spouse.  But in this case, the analogy really holds true: you will be living together, working together, sharing finances (to a certain extent).

@Theresa Harris is correct.  The more scenarios you can cover in an operating agreement the better.
1. How much stays in reserves for repairs/capex?
2. Who gets final say on roommates/tenants?
3. The house needs repairs, and one party has money to help cover them?
4. As mentioned, one wants to stay in 1 year?
5. One wants to sell and the other doesn't?
6. Preventative maintenance...  Replace roof before it starts leaking or after?  Patch the issue or full repair?  New windows?

You get the idea.  Partners are a great thing, but like a marriage, communication is key, and planning for the hurdles when you both have level heads will make life easier in the long run.