STR Partnership Structure and Agreement

[David VanWert]

Just recently launched our first STR 3-4 months ago and so far so good. I have been approached by an LP investor that would like to partner with us to scale to additional 10-15 STR's in various cities.

In short, we would split initial rehab/furnishing costs and down payments and both be equal equity partners. We would provide all of the day to day communication with guests, marketing, hire the team in each city etc... 

What would be a fair profit split?  60/40 as we will be managing? More? 50/50? Other thoughts or advice?

Looking for a bit of advice for others whom have developed similar partnerships with others. 

Also any agreement templates we can start out with to tailor to our needs? Would love to have a template to start wit tho have an attorney review. 

TIA!