Have you brought on a friend as an Air business partner? What terms are appropriate?

Hi everyone. I’m taking on a close friend as a tenant and soon-to-be business partner to manage and expand my AirBNB. I would like to know what arrangements other people have made, and what you think about mine. (This is a close friend, so I care about being fair to him just as much as my own bottom line).

I rent a 5BR/3.5 house, and (with owner ok) have two tenants and two AirBNB rooms. Next month, I’m bringing my friend in as a tenant. His rent will be $600 (the previous, market-rate tenant paid $950), and my friend will also help me with the Air operations. Learn by doing is the idea, and also, I want to lessen my time commitment. In August, I will be moving out of town, and he will take over. Our agreement is that after I move out, he will pay zero rent, but will pay water, gas, electric. I will remain financially responsible for the house, pay the rent, cable, Internet, etc., and receive all the money, whatever comes in. I also pay a cleaning person $25 to do the turnovers, and that would continue.

We are also looking to expand by renting a second unit. Probably an English basement studio or 1 bedroom. The arrangement will be that I sign the lease and pay the up front cost, and he does everything else to make it work. (As an aside, I think we’re going to have that under my Air account, because I anticipate getting Super Host status on next review, and I think this will help the new listing be more visible in search). Our plan is just to split profits 50/50 after all costs are paid first.