How to structure a partnership for STR

[David Falk]

Hi all. Looking to start in STR. I have a current real estate investor friend that is heavily invested in NYC LTR. I've been discussing the STR market, and he told me to come to him with a proposal as the potential COC is mind blowing for him. Is there a standard way that I should be structuring a partnership like this? Is it something like they put up the down payment and all cash flow goes to repay them, and then we split profit while I'm managing? Or do people do a split from the beginning, and eventually "buy" the equity partner out etc?

I don't know what I don't know, and I'm glad to receive any input.