How to JV a Condotel Purchase - Need creativity!

[Justin Bock]

So, I'm looking at purchasing an ocean view condotel in Myrtlebeach with a local property manager I trust there (I'm out of state). I've never done a JV or gone in on a deal with anybody before.

It's a smaller purchase (under $100K) and she was looking to kick in $10K where I would put in the rest for a 50/50 equity split.  She was willing to property manage for free until I got back at least 1/2 the purchase price back plus reasonable interest and then manage it for 1/2 price after that.  

I was thinking about doing something like a Kevin O'Leary deal on Shark Tank.  Where I fund the entire purchase and she property manage it until I get 2-3x the purchase price back (probably would take 6-9 years) and then she has full ownership.  

I have no idea on how to do this. I was wary of establishing an LLC together just for this small purchase but if that's the best way to do it that's fine. Anybody have recommendations on how to get something like this accomplished simply and better yet, a better way to structure it that makes sense?

Thanks in advance!