Structuring a Partnership Deal

[William Trabold]

Hi! My business partner and I have a joint LLC (shared business bank accounts / credit cards / etc) - pretty standard stuff. We currently own one door (split acquisition and closing costs and contribute equally to management and ownership), and have split equity and cash flows from the property - also pretty standard in my experience.

My question is this - I want to purchase a house hack and would like to use our current business entity for accounting purposes (tracking income / expenses / etc). But, only I would live in the property. I'm not sure how best to handle this from a partnership standpoint. Would it be fair to split purchase costs and then distribute equity and cash flow 50/50? I would benefit from the decreased cost of living (effectively paying reduced or ~hopefully~ no rent), but also would take a greater role in managing the property seeing as I'd be physically living there. Not sure if anyone has done this in the past and has better ideas, thanks!