How to structure this particular partnership

[Hunter Broschinsky]

Im partnering with my boss but we are both new to real estate and have never done a partnership. I have been browsing past posts and a lot of info that has already been put out about partnerships but was hoping to get specific answers for my specific deal.

The Deal: Single family 4 bed 2 bath currently operating as a AIRBNB, 1,000,000$ asking price. Wont need much renovation, expecting around 15k. We are planning on keeping it a AIRBNB. 

The Plan: Im only bringing 30k to put towards the DP, my partner would be bringing 170k. For the rest of the DP and the renovations.

30k is 15% of 200,000k ( total into the deal). So he would get 85% of the equity to my 15%.

I am putting my name on the loan as the primary borrower and my partner will co sign. His DTI is much better than mine.

We plan to both learn the ropes of how to manage a STR for educational purposes but once we both understand it, he is going to back off and I will be the only acting property manager. Since ill be contributing much less capitol, I wouldn't be taking any fee for the management side. I know that managing a STR takes more time than a standard Long term rental so I am wondering if I could negotiate a higher equity position for the management fee or if people generally just take a percentage of there monthly revenue.

My partner will be getting paid back from the cash flow until he is paid back 100%, the entire 170k. Once that happens we then split the cash flow based on our equity percentages. To start it would be 15% mine, 85% his. I suggested that the more  we contribute towards the loan, the higher our equity percentages could grow. For example: if I contribute an additional 10k that would be a extra 5% of the 200k so I would get a 20% equity spilt of the cash flow.

If for some reason the deal doesn't cash flow for a month in the slow season we would split the loss out of pocket 50/50.

I know that was kind of long winded but any advice would be much appreciated. Does this seem fair? Am I way off?