Partnership structure for older home with equity. vaca rental.

[Carrie Herring]

I have an older house with approx. 100k equity. as is value around 150k. It needs repairs and I would like to upscale it to be a vacation rental rather than a yearly. The repairs would not necessarily need to be done all at once but it would need a new kitchen, a front door, and several windows replaced. There is no rush but I would like to structure some kind of deal with the next year or two. I would like to retain primary ownership in the property. I'm thinking, I would like to sell 1/3 ownership for 50k. The two of us would then rent it through a reputable experienced vaca agent.  Does this sound somewhat reasonable? Any suggestions, thoughts, would be greatly appreciated. Thanks!

[Jerry W.]

@Carrie Herring, maybe you could articulate why you want a partner instead of doing it yourself?  Don't have the money to rehab it?  Don't feel secure running a vacation rental?  If your deal is a very good one why don't you want to do it all yourself?  Once we know your reasons maybe we can help you figure it out better.  For example why not refinance it to make the repairs yourself, or even take out a second mortgage?