How to structure JV for mortgage with co-signer

[Meagan Peters]

Hello everyone, I'm about to purchase my first rental property (a duplex in Moncton, New Brunswick). I have enough capital for the down payment, closing costs, rehab,... and will be doing the renovations/management myself. The issue I have come across is that I cannot get approved for a mortgage at this time; since graduating university last spring, I've been freelancing (Graphic Design) and although I'm currently interviewing for full-time, salaried jobs, I'd like to buy now, as I've found several properties that I know would be great deals.

My question is: How can I approach/present this opportunity to a possible co-signer and how should the JV be structured? (i.e what would they get out of the deal?)

Since I'll be providing all the money and doing all the work, what would be a fair split? Should I offer them some cashflow? Part equity in the property?...

Any tips/advice would be extremely helpful. Thanks in advance!