Happy New Year, everyone!

Getting right to the purpose of my post, with all the relevant context: I’m 52 and living near Seattle. I have a good FT job in education administration, but I want to retire asap, focusing on RE (so, not really retiring, but you get the idea). I have a primary home and a rental near Portland, OR. I’d rather not sell my primary or 1031 the rental if possible. In fact, I’d like to turn the primary into a rental and then house hack in a multi-unit.

Two of the biggest challenges I face are that I’m not very liquid at the moment, and the Seattle area is extremely expensive. So, I’d like to bring in an investor. I’d live in and manage the property, fixing it up as needed. Which reminds me that I should mention that I’m not opposed to living a not-so-luxurious lifestyle in the short run. The investor would front most or all of the down payment, but in theory he, she or they would not have to think about it from there. I’d take care of everything. So, that’s all the context.

My question is this: How could we structure an arrangement that would make sense for both my potential partner and myself? I realize we’d probably want to bring in a real estate attorney, but I’m assuming there are models in place that are probably well-established for such a partnership that I know nothing about. Any guidance is greatly appreciated!