STR Partnership Advice

[Account Closed]

Hello everyone, 

I am currently working on a STR deal with another investor. They will be bringing all of the money needed to the table and asked me to manage the property. He doesn't want to have to deal with the management side of things. We discussed how to go about a partnership and whether to go with a percentage for managing or equity split. He was concerned about either of us deciding later on that we didn't like they way one or the other was doing things if we went with an equity split. So I wanted to ask everyone's advice on building a partnership agreement with a trial period of me managing the property for 6 months to a year, and afterwards moving to an ownership of part of the equity. I would appreciate any advice on how to move about this in a way that would be fair to both parties involved and make the deal a great deal. Thanks!

[Ryan Moyer]

What Luke is referring to is that this exact question was asked just a few hours ago (and is asked very frequently).

Most of us are not really experts in that side of things, but you might find something useful in that thread as well. https://www.biggerpockets.com/...