First time partnering on multifamily development

[Sheri Fluellen]

I am having a conversation today with an investor about partnering with him on a medium sized apartment complex development. His value is the money and building knowledge (he’s a GC in the neighboring state) and my value is being local to the project (he’s 2 hours away), having all the connections and knowledge of our local market, contractors, city officials, etc. Also having property management for when we are done and we rent out the units. Ive never negotiated a partner deal before. What advice and suggestions do you have for me when I have the conversation? Especially around how to split the deal financially with profits, etc?