As far as the contractor I would not offer a percentage of overall profits, if anything I might offer a performance bonus if work is completed to a satisfactory standard and completion goals are met on schedule and within proposed budget.

What is a good percentage for cash on cash return of investment?

You might just find a great PM like mine that charges a low percentage for the basic leasing/emergency duties and offers additional services a la carte.

We financed the deal with a non-recourse loan which requires 40% down, certain amount of positive cash flow and a certain percentage of reserves in ALL IRA accounts.

I don't remember exactly what it was but had something to do with posting deals, or percentages on returns, and other financial information. 

@Kyle Houlahan I would second an LLC and also have an operating agreement the states what the job responsibilities are of each partner and what percentage of the deal each partner has. 

You can still look for an experience investor looking to acquire another apartment complex, but instead, partner up with him/her and offer them a percentage of the cash flow and equity.

Then its a percentage based on that. i.e. if land is valued at 1m and you bring an addition 2m to build then its a 33/66 split.

If your offer doesn’t payout the total amount owed the seller would have to come up with the difference at closing.

The money for maintenance and capital expenses can come from several sources such as 1) cash reserves that literally exist in an account somewhere; 2) "good" money you have access to such as a home equity line of credit; 3) "bad" money you have access to such as a cash advance on a credit card; 4) funds you are building up each month by setting aside (again literally) money into a rental savings account or your rental checking account; 5) payouts from a home warranty for specific items covered by the home warranty.The amount that I set aside each month can vary depending on the amount of rehab that I have done to a property before renting it out.