At present it’s a mess, but I had documented it with before and after photos.Anyways my fiancé and I went over yesterday to make sure the tenant was on track to turn in the keys today and they told me they were actually planning on leaving Monday because they couldn’t get movers!

Just to make sure Im being legal)

If this is something you are willing to work with I can send over the documents for you to review. 

This would be to simply create an LLC where you and your partner are 50/50 members (if you think is fair) and lay the structure, responsibilities, etc out in the operating agreement.Consult all of this with your CPA and your Attorney, since I'm not qualified to offer legal or tax advice.That being said, that 50/50 split will ultimately depend on how much value is each of you bringing to the table.

Depending on the base, you should be able to have the Legal Office do one for you for free (along with your will and all that jazz).I'd recommend a family member or very trusted friend, and set expectations with them.

I have found people show you business insurance and then after words they cancel or do not renew it and don't tell you.It's too much risk with no upside for you.No legal advice given.

My question is: How do we legally structure the partnership to reflect the ownership (20/80)?

Most of the people use the value allocated to the property tax documents. 

Your primary lender will require your secondary lender to sign a document saying they get paid first in case of default. 

Whatever they think you have done would have to be worth the legal costs to try to recover.