How to structure private money partnership

[Michael Geraci]

Hi BP! My wife and I are thinking about purchasing a small MF home in a suburb of NYC. We have recently purchased an OOS investment property and currently do not have much cash for the deal. We were thinking of partnering with her father on the deal and living in one of the units while managing it and fixing it up. A few questions:

1. How could we structure the partnership in such a way as to benefit both parties?

2. Would it be better to make him an equity partner or a debt partner?

3. I'm concerned about making the deal to sweet for me and my wife. I don't want to live off my father in law. How can we structure things so we're business partners?

4. Who's name would the house go in?

I understand there are probably a million answers to this, but if anyone out there has tried this or generally thinks it's not a good idea for whatever reason I'd love to hear your experience.

Thank you so much!