Structuring a 50/50 deal

[Caleb Vislisel]

Hey BP! 

Got a question for those of you who may have done a 50/50 partnership on a rental property. My partner and I are looking to split all the costs of a turnkey rental equally. 

The loan will be in my name. She is sending me half of the down payment so that I can season it in my account before I apply.

How can we make sure she is protected in this deal? She trusts me completely to make all the decisions now and in the future, but I want some sort of partnership agreement in place, just in case I were to die or something next month and her money was still sitting in my account. 

Do we need some sort of lengthy document drafted? Will it be sufficient to draw her up a receipt for her funds and then put her name on the title?

Thanks for any guidance on this!