Deal structure - stabilized 7 apartment Multifam building

[Michael K.]

Hi all, I am acquiring a 7 unit Multifamily property in New York for $1.2mm. Rent roll is about $150k/yr. Building Is fully occupied. I will be managing the property. Rental upside is maybe 10-15% over the next few years. 70% Ltv loan. Also, some room to push down expenses. But overall, a stabilized property. I will be contributing 10% of the equity and a passive investor 90%. I was thinking to do a 7% pref return on equity and 50/50 split plus management fee. Is this a good deal structure? The building is going to be management-intensive. Just was hoping to hear others' thoughts on this and if they have other deal structure thoughts, or maybe an all-together different deal structure that they suggest. Thank you in advance for your thoughts and advice!!!