Structuring a multifamily deal
I am trying to understand how to put together a deal on a 100+ unit apartment complex. I am looking at being a lead investor and bringing in passive investors as well as using bank financing.
I own a property management company and this company would manage the property.
The lender is willing to provide 85% financing and I need to bring in 15% down.
I am looking at doing this by selling a few single family rentals and using a 1031 exchange to bring my portion of the down payment. I will also need to raise the balance of the down payment from passive investors.
Can anyone tell me how I would go about structuring such a deal? I am in Minneapolis, MN.
Any advice would be greatly appreciated. I have not found much information on specifics of how to go about doing this in the forums.