Partnership structure for older home with equity. vaca rental.

[Carrie Herring]

I have an older house with approx. 100k equity. as is value around 150k. It needs repairs and I would like to upscale it to be a vacation rental rather than a yearly. The repairs would not necessarily need to be done all at once but it would need a new kitchen, a front door, and several windows replaced. There is no rush but I would like to structure some kind of deal with the next year or two. I would like to retain primary ownership in the property. I'm thinking, I would like to sell 1/3 ownership for 50k. The two of us would then rent it through a reputable experienced vaca agent.  Does this sound somewhat reasonable? Any suggestions, thoughts, would be greatly appreciated. Thanks!