House hacking with an investment partner

[Daniel Kunimoto]

I am trying to structure a house hack with a friend that wants to do a deal with me. We've identified a 3/4-unit property that I will live in, but I wouldn't qualify on my own for and she will join me by being on the mortgage and/or title. What is the best way to structure this? I figure we would like to take advantage of the low down payment option, so I can be on title (not form an LLC). I am thinking I'll set up a separate account and collect rent and pay rent myself into that account, then distribute as needed. Her aim is to have her cash somewhere where we can experience some equity growth. Am I missing something? Any best practices for this type of arrangement?