I've come across a large multifamily complex in my market that is obviously mismanaged.  It's a 5 building 174 unit complex, 1978-1983 builds, physically in good shape but could use updating.  The easy opportunity is rent stabilization.  As far as I can tell, the vacancy rate is currently about 33% in a market with traditionally very low vacancy and ADVERTISED rents a minimum of $150 below market rents, no telling what the current tenants are actually paying.  Upon further research, the owner is in his 70's, has been in business for 50 years and has a pretty large and diverse portfolio, including 736 other multifamily units in eight separate complexes, a self-storage/car wash, three mobile home parks, several commercial properties, several undeveloped parcels and several single family homes.  

I believe the same opportunity exists in all of the multifamily properties, but I know the most about this complex and I don't want to put the cart before the horse.  Obviously this is a huge undertaking, something I'm nowhere near able to tackle on my own, but I want to try to put together a deal.  I would love to partner with someone and learn the ropes of value add multifamily, but I'm mostly just looking for some guidance of how to proceed professionally.  Do I find a partner/buyer beforehand to make my interest more credible and then approach the owner?  Do I approach the owner with no real credibility and see if he's willing to sell, then find a partner/buyer?  I'm probably overthinking it, but there is several million dollars at play and I don't want to blow my opportunity by being too eager and coming off as a waste of time (to a partner or the owner).  Any thoughts are thoroughly appreciated!