Unique Equity Partnership & Equity Structure - Need help modeling

[Ryan Hattem]

Hey Bigger Pockets Community! 

My Partner and I are in the process of drawing up an agreement for a rental property and I am needing some assistance correcting my financial model for our agreement and also playing with different inputs and scenarios. 

He has purchased a SFH and flipped it and is wanting me to purchase the house from him at his current cost basis. The house is worth considerably more than what his cost basis is. He is wanting to retain 50% ownership in the property and its distributions. I will own 50% and carry the note & manage it.

The goal is to achieve relatively equal distribution over a long term hold. 

Any advice, thoughts, tips are welcome. Please DM me for specifics.