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A unit trust is not necessarily a cheap option and in your case I'm guessing that a handshake is all you need to move forward

any arrangement will work if you all want it to, but renos are not for everyone and the main reason you don't do partnerships with relatives is so that you don't harm the relationship. If you were going to do reno's what would be the ultimate goal? I guess you could split the proceeds and...

For me it's an unusual way to do business. If you buy each IP in all 3 names the lender would probably want all 3 to be responsible for the whole loan which will reduce your borrowing capacity. Perhaps a better way would be for all to contribute and get each deposit together and then buy in...