At a basic level there is no one set way to structure a partnership.

@Avani Patel If it hasn't been created yet, if someone were able to do that at the property level, they'd be a gazillion-aire!

It is somewhat complex to try to explain on a forum, but at a high level, you (aka GP) and your family member (aka LP) would agree on how much the 2 of you would put in for the amount of equity needed (usually expressed as a %).

Landlord Locks iCore series locks provide this at an affordable price and with commercial level security.

They host regular meetups, workshops, and networking events that attract investors across all levels, including those focusing on multi-family and commercial properties.

It will ultimately depend on price point and what level of service you want to provide. 

Giovanni, Congrats on deciding to go to the next level. 

The entry level point for STR's has risen to the $4-500k range with many now pushing $750-850-$1M+ and I would expect that to continue to increase.

I understand that it's unrealistic to expect anyone to treat your property with the same level of care you would, but the company we hired has been a NIGHTMARE. 

Hulk Hogan Gif's are Scientifically proven to increase the fun level of any type of forum.