Co-ownership of property for stay/rental

[Soumava Saha]

I am planning to co-own a property with a close friend. While they would be staying at the property, as I don't live in the same city, other room(s) would be rented out. If the responsibility of renting out entirely falls on me, the situation would be volatile for me, while my friend would be in a very stable situation as they would be staying there. The rental room(s) would be smaller, and there could be months without any available tenants. What would be a fair way to divide/share the financial responsibilities between us, so that neither party feels being shortchanged?