How to structure a mid term rental deal partnering with parents

[Eric Samuels]

So my mother is retired and my father is just about ready to retire. They have had great careers and have sold my childhood home, bought a condo that they plan on moving into abroad and hope to by another home in the Philadelphia area so they can come back every now and then to be close to their kids and grandkids. They have mentioned that they'd like to make it a rental so that it can generate money while they are not staying there the majority of the time and I've suggested turning it into a furnished mid-term rental and to target traveling nurses or companies that provide extended stays to families whose homes are under construction.

One thing I don't have much experience in is structuring partner deals. I personally was hoping to do the heavy lifting when it comes to reno and potentially management while they were to provide the down payment. I know there's a lot to learn about structuring deals but would love to get some initial suggestions on how to best do that. Should I do 50/50 equity where I find the deal and renovate/manage while they put down the down payment? Would love some suggestions.

Thanks,