We can come to an agreement in terms of how long this arrange would be and what is involved.

How did you find your partner for this arrangement?

My late father had a partnership with a family member, nephew.They were friends for as long as one knew them, however later probably due to differing expectations, duplication and poor communication the deal went southIt was an informal arrangement on a commercial property.They were doing the exact same thing (duplication of duties)To be honest i am skeptical of partnerships unless its the variety of bring a deal(syndication/flip seeking private lender) and the other is a money partner (private lender/passive investor).Maybe also listening to a mentor where you stand to gain from the other investor's experiences and contacts (sponsor).

-Is there a market for 3-5 person tenant arrangements under a single lease besides students?

., is to agree to an inspection where you:Can walk away from the contract if there’s a major issue, like foundation trouble.Can’t negotiate with the seller over any issues that arise.This arrangement appeals to sellers because they won’t be hit with thousands of dollars in repairs, and it gives you an advantage in a competitive field.Similarly, if you’re competing against all-cash offers, which don’t require an appraisal, you can waive the appraisal contingency.

I'm working on my first go-around of tenant screens for a house hacking arrangement. 

One thing we learned is make arrangements and contracts while things are good and everyone is happy.

It is technically possible to split and sell units in any property, but as @Marian Smith mentioned, it may mean setting up a condo type arrangement with HOA if the property wasn't built as a twin home with two separate units that have a split in the middle.Why are you doing this versus just selling the entire property?

It is my understanding that that arrangement limits your flexibility in moving real property assets around and can create a taxable event if you later decide to move the property into a different entity.

Maybe you can arrange something to where you pick your own contractors/maintenance people and your PM company makes a note that for your properties, these specific contractors are to be used.