Syndicating but with a buy-and-hold strategy. Would this structure work?

[R S]

I have a small portfolio of duplexes and triplexes. I'd like to get into something larger, potentially either 10-20 unit MF or a small office building. 

My strategy is buy-and-hold. I want to big a long-term, cashflowing portfolio that I can retire with. So far, I've bought my entire portfolio myself. No outside money. But if I want to grow, I may need more outside money. 

Unfortunately, the traditional syndication doesn't really work with a buy-and-hold strategy. Investors need to exit, and that involves the sale of the property 5-8 years after purchase.

I've been scratching my head to think of a way to make this work. Would this structure make sense? Has anyone done something similar?

1. Investors come in as LPs and receive 90% of all profits. No complex waterfalls, just a straight 90/10 split. I would coinvest as an LP as well.

2. No acquisition or other fees.

3. We make it clear that between year 5 and 8, we will refinance and pay them back 100% of the principal. At that point, they exit the partnership and I regain 100% ownership. 

I apprecite any input.