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.

There are several legal concerns with your proposed business model which should be reviewed by a local attorney before you begin leasing.

Account ClosedNice to see you participating in the forums ... and the small step forward of dropping one of your frequent {stuffed} keywords from your post.The handling of a squatter vs a tenant will undoubtedly differ with jurisdictions, so the ultimate advice is to consult your legal counsel on the matter.The crucial distinction - at least here - that that a squatter had no legal right to be at the premises and is essentially in trespass / illegal possession of the property.  

it's not the zoning you're changing but the legal usage btw.

Under Alabama law, Tina now has all the legal responsibilities a landlord has, including the responsibility to make repairs, etc.I strongly discourage people from entering into subtenancy relationships.