W2 & Experience partner vs Money Partner - Different Islands

[Stephen Thomas]

Background 

I live in Hawaii and invest in legal short term rentals.  I have a good steady W2 job and the experience in acquiring these properties, getting them ready for rent and managing these properties.

I was recently approached by a good friend who has been saving up money for down payment/operations and she wants to make an investment and learn the business of acquiring and managing short term rentals but is self employed so her tax returns won't allow her to qualify for the loan by herself (despite excellent credit) due to a high number of deductions . 

She is asking me to partner with her to gain experience and help qualify for the loan.

Factors to consider 

We live in Hawaii and she lives on a different island from I live and where the property is being managed. 

-Myself & property|one island & her|different island

She would like to learn the management but naturally will need things dropped of at the unit or need things checks physically onsite here where I live and the property is located

The Question 

Was is a fair way to structure the deal for both parties to protect both parties? 

-I want to make sure her money is protected from me running away with it - of course I never would 

-I want to make sure my time and credit it protected should she become disinterested in running the business down the road