Structuring a partnership deal

[Jonathan Ruths]

Hi all,

Just curious on how you'd structure a deal with a partner with the following information. I'm going to bring about 30k to put towards downpayment and closing costs of the purchase and the property will be in my name as a second home.  My partner will bring about 50k for rehab and furnishing.

Here's what I'm thinking. Since I'm managing the property, I'll take 15% off the top of all bookings similar to a management company.  Then my partner and I will split the remaining profits based on the percentage of the money we brought.

Does that sound like a good deal for everyone?  Thanks for your feedback!