Looking for advice on partnership structures!

[Alec Clasen]

Hi all, 

I'm looking for advice on how to structure a partnership for our real estate investing endeavor. My father is going to be retiring soon and we have discussed him being a investor in my proposed real estate business. 

I'm looking to do an FHA house hack, or 203K and renovate, depending on the property. I don't have a plethora of money saved, and I would be looking to my father to put the initial down payment down. I would then run the property management and any renovations.

Curious as to lending requirements as far as if another person is allowed to fund the down payment if for example I was to put the loan in my name or what would be the best practice for this? 

Also curious as to what kind of equity structure makes the most sense. I was envisioning 50/50. Then do you simply split the income from renting of the other unit? 

Looking for 2-4 flats in Chicago under 400K, (mainly 2 flats at that price point) Logan Square, Humboldt, West Town. I work in Construction, have all the necessary individuals for full house gut and reno etc if needed.  I currently rent a place at 2,200 per month. So if mortgage is near there I'm not too concerned with carrying it for a while if needed when the other unit is without tenant etc. 

Thanks for any insights!