Structuring a unique partnership deal
I'm looking to structure a partnership deal with my mom, and haven't been able to find a similar situation yet, so I'm hoping I can get some help here on the forums!
My mom owns a house that has been rented before, but for the last 5-10 years has sat vacant, and will need a lot of work. I'm looking to fix this property up for a rental property, but hoping I can do this without buying the property in the short term.
The general idea of the partnership is that she (my mom) would provide the property, and I would provide the rehab costs, and profits from the rental property would be split evenly after taxes, maintenance, ect. and the payments on the rehab would come out of my half.
The idea I had was to pull a line of credit off the equity of the property, but to structure it in a way to where my mom is not responsible for the payment.
What is a good way to start structuring this partnership? I've had a couple ideas, but would like to keep this as simple as possible. Any help or ideas would be appreciated!
Thanks!