How do you structure a partnership

[Cody Hunt]

I’m thinking about taking on a partner to buy a triplex/quad. We have wanted to do it together for a long time, he has a very similar strategy as me and we have never had issues agreeing on anything. I will be occupying one unit of the rental with some saved space (not a whole bedroom because it’s a one bedroom) for him whenever he wants/needs to come up to the area. I will take 100% of the calls and deal with the day to day issues faced by the landlord, while we both will contribute equally monetarily and with our labor on major renovations.In turn, we will be 50/50 partners. I plan to move out, freeing up the extra unit within 2 years and possibly continue to invest with him, but when I move out the split on the first property will still be 50/50, as he plans to move to the area into our second property with me when the time comes. We will want to save the revenue Incase of a vacancy/repair and to possibly use in the future to reinvest. How do we structure saving any of the revenue while I’m there as well as once I move out? How do we go about doing this? Do we have to start a partnership, do we just apply for the loan together? What might some of our options be? Thank you for any advice!