Partnership for short term rental

[Charlie Davidson]

I have identified a great short term rental house in Helotes, TX. This would be my first short term rental property, however I do own three long term rental properties.

I could probably finance this deal on my own, although it would be a strain financially to accomplish. My father has asked for a partnership option to help negate some risk of being my first short term, and give him some upside.

What would be a good debt/equity structure to bring in a silent partner on a short term knowing my wife and I found the deal and plan to manage the property. I think my dad would sign for any option, but I wanted to be fair and provide him so upside for other potential deals moving forward. Off the cuff I think I would offer a 50/50 equity and 60/40 cash flow split – with us splitting all startup and malignance costs in the middle. What are your thoughts?