At the same time, I agree with @Kath Marie at some point you will need to build up some capital to deploy.   

Still trying to build up some capital by doing some flips first.Following for others' advice.

In my experience, for a ground up, high risk deal like this it would be a waterfall like the following;-  8% preferred return for investor- return of investor capital- catch up contribution to sponsor to equal 8% of their investment- something like 30-70 split till 15% IRR- 50-50 after thatThere would be some 2-5% sponsor fees off the top.That is what you can get from an experienced sponsor with decades of success and billions in management   If you want some examples check out the PPM on CrowdStreet or RealCrowd to see real life examples.

@Matteo Carrieri, @Morgan Nilsen, Penn Capital is a US firm specializing in multifamily (apartments) and  we are currently in Dubai (29 June to 3 July 2019), meeting with investors about a current opportunity as well as future ones.Happy to meet for a coffee and chat with any investor and answer questions they may have about investing in the US.CheersPercy

What other capital gains do you have?

We will be purchasing in Upstate NY (Capital District area). 

Capital One hooked me up with a $20K card, at 0% and I don't have amazing credit (715). 

In a down economy investors who are over leveraged and can't get more capital could be forced to sell-or worse. 

We used personal capital to buy at auction, a hard money lender to finance the rehab, and a conventional loan to remove personal capital How did you add value to the deal?

Where I'm at---I'd love to close on a few deals to create capital and as soon as I can invest that in flips, rentals or my own personal property to start to establish long term cash flow and a future retirement.