2 person venture: 1 treats as PPOR, 1 as IP. How does it work?

Hi guys,

Myself & friend are considering purchasing a property together. Let's assume we have 50/50 ownership & have drawn up a legal contract that stipulates the terms of the venture, exit strategies, share of liabilities, etc..

What I'm not sure of is how it will work if my friend lives in the property as her PPOR & I treat the property as an IP.

1) If we obtain a loan, obviously all interest and bank fees are split. Is it possible to get 2 offset accounts that align with this loan giving us each our own account to use for daily transactions while the savings in these accounts reduces offsets against the principal of the loan?

2) My friend is eligible for the FHOG – I assume that as it this is not my 1st property & it is a joint venture she would forfeit her eligibility of the FHOG for this property & any subsequent properties she would by on her own?

3) I wish to collect rent while she lives in it, can she simply pay 1/2 the market rent to me on top of her interest payments (e.g. market rent for this type of residence is $200p/w, she pays me $100p/w)? Similarly, any expenses incurred in maintaining the property would be split & I could claim half these expenses but she could not claim her half?

4) If we were to refinance the property in the future to incorporate a LOC of which I drew on 50% of the increased equity, can this be considered solely my own draw down & all interest expenses attributed to me (i.e. my friend would not be considered to incur the interest of the interest charged for the amount drew down as her 50% of equity remains in the LOC)?

As you can see I'm not really sure of the wider ramifications of this & just trying to think out future scenarios. Any info would be appreciated.

Thanks heaps,
DJ