Starting out with a big fish on the line....HELP!!!

[Thomas Usher]

My situation looks like a new investors dream deal on the surface. A 250 unit apartment, with owner financing that currently cash flows. The rents are well below market and the complex needs about 750k worth of renovations. The owner wants 10% of the 7.2 mill value of the property as a down payment. He will carry a loan at 7% interest for the rest. His current loan is has a prepayment penalty that is fairly large so he wants to carry the loan for at least 5 years. I am meeting with a PM to check the offering memorandum numbers against what their company usually sees in the area of the apartment complex. My initial estimates put me at approximately $100 per unit monthly cash flow after loans and taxes. 

I am getting all my ducks in a row BEFORE I start looking for investors. I do realize once the real numbers come in many things will change so I want to have as much lined up as possible in the next week so I can make a profitable offer. Any suggestions?