Finding capital for cash flowing deal (OPM)

[Mason Jacobs]

Hello everyone!

I have been looking for multifamily properties in the KCMO area and have finally found one worth pursuing. It's 4 doors and is listed at $240 but I'm sure with how things are selling today will go for $260. After running it through the calculator it would cash flows at roughly $600 a month even with the higher purchase price. 

All of the above sounds great except the down payment with closing costs will be roughly $55,000 and that's about $20,000 outside of my price range. 

My idea is to try and find someone to cover the full down payment or at least the majority. It would have the cash flow to pay them including a higher interest as an incentive. 55000 with 12% interest is $61600 total. If I told them I would pay it all back in 15 years they would get roughly $343 a month. 

My question is how do I go about finding people who are sitting on some capital? If I find them do I offer the monthly payment like I explained above or would they become a partner and let's say own 50% of the property? I'm not opposed to either option but would like to know what everyone has experienced. 

Thanks for the help!