There needs to be a contract between you two as well outlining all of the details. 

@Ricky A. outlines some EXCELLENT considerations--I'd definitely suggest reading his post carefully...I don't think you mentioned this, but if you are both beginner investors and/or beginner STR operators, then you'll want to be pretty conservative, because learning to invest in real estate, manage a property, and run a STR operation are all pretty big challenges when you're operating on your own, and they presumably become significantly more challenging when there are two parties involved.

Your state codes will outline the process to get ownership.

Outlining the typical deal is very helpful.

If you’re patient and diligent, you can get a deal in those areas in the range you outlined.

I assume you will get an estoppel certificate signed by the owner and each tenant outlining rents paid, security deposits  and any verbal agreements.

Outline where you want to be in five years.

It was very informative and gives and outlines which specific apartments and units are going to be legal STR moving forward.

If you give them specific tasks in your job outline, you can find people who have better attention to detail.

This way, as income is generated and various income streams are established, you can reinvest and expand.To convince lenders/investors, ensure you have a solid business plan that outlines your revenue projections, expenses, and the potential for growth.