Whats the process? Buying MF cash, and then getting financing

[Dyllon G.]

Hi All,
I am in a competitive market where the best properties are being purchased cash. My issue has not been finding 3-4 family deals, it has been getting my offer accepted, even when it was a competitive offer, because its hard to compete with a cash buyer. Thinking outside the box, I thought it might be interesting to learn how I could partner with someone who has cash, come to an agreement where I find the deal, they fund the purchase, and then I use the financing that I'm already pre-approved for to put a mortgage on the property and compensate my partner in some form. 

My question to the forum is -- has anyone done this, or have experience doing this? Can someone walk me through step by step how this process might work?

Thank you,

Dyllon