Tips on how to setup a property with a partner

[Justin Deshaies]

I am on my way to buy my first property as a 20 year old student. I really want to have a partner because I am not near the property all year round (I study a couple hours away). I found someone that I think would be a good fit because he is firm, trustworthy and he is able to work manually quite well. He also lives near the property and in his mid 50's. I am not sure of his financial situation but it is not really a problem because I can get all the money from my lender that I need. 

I want to give him incentives to work with me but I am pretty sure he doesn't want to spend a big sum of money into the property.

My idea is to ask him to pay 5% of the property and get 10% of the property. I would also make sure that he doesn't sell his part for at least 3 years.

What do you guys think of this arrangement? I feel like it is a good deal for both of us but like I said, it is my first time and I don't want to shoot myself in the foot. 

[Nicholas L.]

@Justin Deshaies

As @Jonathan Greene said - no need to partner at this point. unnecessary complexity

just house hack sequentially.  house hack then refi then house hack etc.

good luck