This would most likely require several things.
1) A 1065 partnership return since things are not being split 50/50.
2) Some kind of evidence of economic substance, of which I don't see any and am not aware of anything that would provide it in this situation.
3) Professional help - especially if your state taxes personal income, as this could very easily be a double whammy.
I would expect the rent to be high enough to cover "all" recurring rental expenses such as mortgage payment, insurance and property taxes, with sufficient cash flow for dealing with those unplanned expenses such as having to replace the hot water heater, or something else of that nature.
