Short Term Rental - How to partner

[Stephen Ellias]

Hi Everyone!

We are thinking of purchasing a short-term rental and I was wondering what your thoughts were on a partnership situation. I would be buying the property with my wife's cousin. She is responsible for financing and we would be splitting the costs 50/50. I work a 1099 commission-only position and she has a W2 job which would enable us to take advantage of a vacation home loan with only 10% down.

What do you think maybe the best route where we could split the risk of the loan 50/50 but also expenses and profits? LLC, Joint Venture, etc...

Thanks!