Inventory at a 3rd party

Greetings, we are exploring the idea of having a 3rd party store some of our inventory for us (sort of the opposite of cosigned inventory). By this I mean we will order the items from one party and ship them to another. We are thinking of setting up the 3rd party as new INV BU.

Our issues arise with how to handle the receiving and putting away of the items (since we won't have a person there) and later how to fulfill orders against this inventory. Has anyone attempted something similar to this? We might have to start with manual processes (emailing POs, packing slips etc).