How would our partnership structure a loan repayment for a property in which was purchased but needs the loan for renovations? Only one partner has the funding to finance the construction to completion (which will quickly decrease the amount of time the property remains a liability--taxes,insurance, vacancy fees).  

One partner will not live in the property and the other will. Who pays what? Does the equity remain the same at this point? The construction cost remains the same regardless of who lives there however the return on invest will vary based on the use of the property.