Purchasing Condo w/friend but the apt needs a ton of work

I am thinking of purchasing a condo with a friend. I realize it is not always smart to do this but it is someone I can trust. I am looking for ideas on how to structure. Possibilities are to split the cost & expenses (ton of work needed) of the apt & then rent it out. What if one of us wanted to use it as a primary residence? Is there anything to know about the tax write off? Is it fair to have one person live there while the other person is paying half of the renovations? I am thinking that I would rent the apt from the partnership but wanted to see if there are any examples of people doing this in the past thx