Adjust the split if one invests more or takes on greater responsibility.

However, if I were to proceed with this, I would likely need to adjust the rent accordingly.I’m looking for advice from the community on how best to approach this situation.

This year we've used 1 of our furnished rentals for my wife's clients who travel into town for weekend intensives.

I learned how to handle minor house projects while husband was working, saved tons off hiring people for minor but labor intensive projects like painting, window screening, changing locks, etc.

And you can also put an inflation adjusted dollar figure on each one as well as a timeline when that money might be needed.

When you do a 1031 exchange you are in essence transferring the adjusted basis of the property to the new property.  

Being highly leveraged on commercial debt that is on a adjustable rate mortgage increase risk.  

Reason being, I like to manually adjust a few things, items where i see more or less LT inflation. 

Providing them with ample notice allows them time to plan and adjust financially.

So for high season, I am always priced higher than my competition and wait closer to season to adjust if I'm not getting bookings.