Investment Property - Deal Structure with Family

[Laura Berkobin]

Hi Everyone! 

Close relatives buying rental property together but one person (myself) will be the operator with down payment help from family members. I'm curious on how best to structure this approach: Who owns what, who gets what, rental income & depreciation (all tax treatment). I've thought of 3 different approaches - 

1. co-borrow...multiple parties on deed, entitled to % rent & depreciation based on investment, have "access" to property

2. co-sign...multiple parties not on deed, negotiate % rent & depreciation based on investment, no legal access to property

3. side-deal...parties gifts the down payment, operator must qualify for loan, all other details TBD

Are there more approaches/options?

Not sure what I wrote above is accurate or relevant, looking for feedback on how other's have handled this and why, what are the advantages or disadvantages, things to avoid, etc.

Thanks!