joint venture on a 32 unit apartment

[Gordon Cuffe]

I have a letter of intent on a 32 unit apartment in mississippi near the coast. 9 units are vacant. The seller is willing to do seller financing with 25% down on a 600k purchase price. amortized over 10 years due in 5. I am looking for a down payment partner. The rents are low now so the goal on this property is update the 9 units get them to market rents, then eventually remodel the remaining 23 units, increase those to market rents. then do a cash out refi. high cap rate. you can pm me for numbers