Partnership in Multi Family Deal
Hello all! I am fairly new to real estate investing and only own two duplexes, one I close on next week. I was recently approached by a friend asking to invest in a large 9-plex. Unfortunately I am not able to fund the deal or down payment myself, but my friend offered to fund the deal. I am wondering how a partnership like this may look? He would have to fund the down payment, which would be anywhere from 15-30% for a commercial loan correct? On a $750,000 property this down payment would be a huge chunk of change. Due to me just closing on a property I wouldn’t put forth much of the funds at all, but would manage the property, take care of all maintainence, capital expenditures, repairs, etc. I would also screen Tennant’s and be in charge of all managerial aspects. What would be a fair percentage of the deal? I know property managers get 10%, but I would be offering financing for repairs, maintenance, and capital expenditures. Does anyone have any advice on how to partner in this situation and what steps I would take to get this deal going? Thanks so much!