Partnership (Down Payment & Expenses)

[Hratch Avedissian]

Hello BP, I have an idea for a potential partnership and could use your help in defining its parameters and terms. I will use an example with numbers to make my questions as clear as possible.

$500,000 purchase price. 10% total down payment for owner occupied loan.

I put down 7% aka $35,000

My partner puts down 3% aka $15,000

I occupy the house, make the mortgage payments, and benefit from future cash-flows if the place is eventually rented out.

My partner maintains 3% equity in the house at all times.

Is there any reason to share any other expenses (property tax, CapEx) if I will be the one actively managing everything and benefiting from it?

The main reason for the partnership is to use the partner's income to qualify for a better loan. We will apply for the loan jointly as individuals and not with an LLC or formal partnership.

OR would it be better if I put all the down payment and limit the partnership to using his income for the loan approval? The downside of this is waiting a bit longer to save more money.

Any help will be greatly appreciated!