Creative Financing 50-50 partnership proposal

[Sud S.]

I am looking to buy a investment property with 50-50 partnership. the other partner is not in the position to contribute to 50% so I am trying to structure a deal such a way that it is beneficial for both parties. I will use real estate lawyer to draft agreement in detail once the other partner agree.

I plan to take mortgage loan 30 years in my name with 20% down. I am proposing that my partner pay 50% of down-payment and also along with that take a personal loan from me for 30 years for the 50% of their remaining portion of loan. The personal loan will be structured similar to mortgage but with higher interest rate with monthly payments. all the other expenses and renovations would be shared 50-50. The payment of the personal loan would be deducted from the property rental income.

If anyone has done similar deal before? how did it turn out? Just putting it out there to see if I am missing anything before I go ahead with it.