Equity Split Arrangement with a Coborrower

[April Leclair]

Hello,

I am co-signing (ie. I am listed as a primary borrower) a house for my family as they do not qualify for the mortgage with their income alone. In exchange, we are trying to set up an equity split as well as a way for me to contribute to the principal to add onto my equity. We are still in discussions on the specifics. What is the best way to go about this? We have a general idea of how the arrangement would look like, but we want to make sure we draft a legal document, if possible, among ourselves (to save on the attorney costs). Could you please provide any suggestions and/or advice?

Thank you in advance!