Shared Airbnb property

[Tedomas]

Hello,
My parents recently downsized, and they have some cash to invest in to the property for their retirement.
Idea is to buy property which will be let through Airbnb.
They would invest £40k and my investment would be £80k. We would buy property without a mortgage.
They don't want to get involved in any management nor they want to be shared owners of the property.
How this could work?
Shall we sign some sort of agreement so they will get 30% of total income?
Can this be done legally at all?
Thabk you in advance

[pawncob]

It's a simple partnership with a 70/30 profit split.(of the NET profit) The property will be in your sole name and they'll have a loan account with the partnership for £40k.

[Tedomas]

Thanks
Do we have to sign some sort of agreement, and present it to HMRC?

[pawncob]

I'd recommend you have a partnership agreement. No you don't have to show it to HMRC.