Anyone have experience with 50/50 owner of vacation home that is also a VRBO?

[Nayt Grochowski]

I have a long time friend and business partner that is looking to buy a vacation property in Durango and asking if I am interested in going in 50/50 on it with him. He wants to use it for themselves like a typical "vacation home", spending a month or two a year at the property - and of course splitting the time with us as the other half owner.

I am looking at it as a VRBO investment for the unoccupied times, since we would only go there maybe one week a year, if that. Will have to work out the detail to make sure we would both be on the same page for what is involved with having it "rental ready" when not in use.

Curious if anyone has any stories to share with a deal like this?

We are looking at Durango Colorado, more specifically the Purgatory resort area, anyone here have any vacation rentals in the market and would be up to sharing your experience with the area?