Find a Joint Venture partner and negotiate an equity stake where you put up some money (or none if they're cool with that), time and finding the deal in balance with the capital and/or time and expertise they have.

@Derek Perez, if it is just the 2 of you, this seems more like a standard business joint venture than a traditional syndication which involves real estate as securities being sold to multiple (passive) investors.The split of the JV would depend on the RISK/Reward ratio for each party.If this is your first deal and the investor is putting up all the capital, then majority of the risk is on the investor, including loss of capital.You already have a few good suggested starting points on deal structures.

Make sure they both understand they're jointly and severally liable for the whole amount.

That would be your decision if you wanted to jointly break the lease and swap units. 

So if mortgage with first lien is 55k and you buy for 110k with nothing down then the second note that is junior to the first is created and you own the property subject to the first note.You could also try to buy a partnership interest in the LLC if it is set up that way or try a joint venture arrangement.Many positives and negatives with each strategy.

They aren't sure what's going on with his legs but they aren't working from the knees down.

Bank would want to see forward commitment from tenant going in and also want to see zoning is approved with site plans before closing on the land.If building is older could be more costly to take down.If you are talking a bigger mixed use or multiple tenant type building you will need to bring in a more experienced joint venture partner where you get a small slice of the the deal and learn how they do it. 

The difference is pretty substantial and I am planning on correcting the past 5 years of returns and submitting the amended returns to the IRS.I have not received any additional deduction to ordinary income during this time as I do not qualify (joint income is > $150k). 

My contractor friend wants to do the rebuild, and we will either go in on it as a partnership (we went in on the direct mail campaign jointly), or we will arrange some kind of buyout, or we will just wholesale the whole thing to someone else.

What is the best way to present and find partners for joint venture?