Looking for tips on approaching a private investor/partner with a cash flowing rental property. I will bring the deal and can put in the time/work, but lack in experience and funds. This person I intend on partnering with has lots of experience with rentals and would also be the money guy. That said, I need to present the deal correctly, not asking to much, but also not shorting myself. In the book "The Millionaire Real Estate Investor" by Garry Keller, a similar situation is presented where the solution was for the investor/partner to take 30% off the top of each months net profits, then the rest would be split 50/50, and that would continue until the amount paid by investor/partner was paid off. At which point all profits would be split 50/50. I am still pretty new to real estate investing and just bought my first duplex. I have a goal of 100 units in 10 years. The deal referred to above is an 8 plex and would be a perfect stepping stone into larger multi family.
Any advice on this topic would be very appreciated.