Vacation Rental in Smokey Mountain (Qs with partnering + prequal)

[John W.]

Hi,
I'm looking to purchase a vacation rental with a friend in Gatlinburg/Pigeon Forge area. I have a couple questions:
1) What would be a fair way to split the deal with my friend. I would be the one doing the work (finding the deal, setting up property management, doing the paperwork), and he would be more of the silent partner. Not sure how to split it but we could split all costs 50/50 and I get 60% profits for doing the work. Or 50/50 and he puts up the down payment?
I'm not sure, I just want to be fair, but also want to get paid accordingly. 

2) Any recommendations on how or who to get pre-approval from in Tennessee. The guy I use in NY isn't licensed down there. 

Thanks 

[Andrew Wong]

The fair way is what you both agree on! But having him put more money in than you, but you taking more money out is fair also. You should probably calculate how soon they gets their ROI back.

I do a preferred payment method for the first six months until they get back 50% of their ROI. The faster an investor gets their initial money back, the happier they are I feel.