Buying an investment with a partner
Hi everyone, I'm considering purchasing an investment property with a partner, who I used to work with at one of my previous jobs but we keep in touch over the years. I have 2 other investment properties that I bought myself so this would be my first time trying to buy with somebody else. Reason being I don't have enough money for the down payment (25%). So I would bring him the deal, perhaps offer to manage the property as well since I live closer to it, and he would bring the money. I would appreciate some advice on how to split the monthly rental income? Shall we split 50/50 even if I can't contribute anything for the down payment? And if we sell it, assuming we should split 50/50 as well on the profit if that was the original agreement?
Any advice would be very much appreciated!
CT