Partnerships for out of state STRs

[Richie Frost]

Hi, does anyone here have experience with partnerships on STRs? Especially where partners and/or properties are out of state.

My parents (in Utah) want to get some passive income and would like to partner with my wife and I (in Washington state) on an STR. We just bought our second cabin in Sevierville, TN and were thinking of using it for this partnership.

Our plan was to have my parents pay us back for the initial capital used and, in exchange, split the profits. I was thinking of making it like an RELP, where my wife and I act as the general partner and my parents act as the limited partner.

Would you recommend hiring an attorney for this? Did your LP need to be an accredited investor?