My question is this: How could we structure an arrangement that would make sense for both my potential partner and myself?

This is one way to manage costs risk.The ways to own the property besides FHA & conventional loans is with private loans, investor DSCR loans (non owner occupied); seller financing, lease options, partnering with others to take the property down..... 

Partnering with an experienced motel operator is a smart idea—it can help bridge the operational knowledge gap and mitigate risks.When evaluating motels, focus on metrics like occupancy rates, average daily rate (ADR), and revenue per available room (RevPAR).

Jack Turner have you tried posting this deal and see if you can get other partners.

Note:  Not all brokers are equal, so you really have to interview several to find who you're looking for to partner with.3.

Do everything you can to make sure you're hiring a solid partner who will protect you and your investments.

Maybe seller holds a 2nd, maybe partner with someone, maybe get some F&F (friends and family) money, maybe offer a higher rate for the 2.5 years the 2nd is outstanding. 

I am working on my first Multifamily fix and flip and would love to partner with someone for a Multfamily fix and flip in Jacksonville, FL or Houston, Tx.We will be registering as general contractors in houston on the first day of 2025.

My partner and I have been investing in OH for about 5 years now, we are cashflow investors and have over 20 doors consisting of SFH and duplexes in OH.

For example - 4 partners.