New Deal in Tampa/St. Pete in Florida

[Chris Martin]

Hey BP Friends!

I've done tons of research and reading to prepare myself for my first deal in this area, but would like to seek out the advice of fellow BP members to ensure I make a sound investment decision. 

My scenario:

I'm looking to get into my first deal with my long term friend, and we'd like to house hack one 2+ bedroom unit and rent out the smaller remaining units.  I am a commercial real estate broker that specializes in hotels, so while the job provides me with a nice annual income, my income is inconsistent. My friend has a 6-figure managerial job at Amazon and will fill that void where I lack in consistency (Both of us have credit scores above 750).

We have about $300k in cash and would like to obtain as many units as possible in one deal with an acquisition price of $800k or below. In my market, this should get us somewhere between 4-7 units, depending on the submarket, condition of property, remaining capx etc. Many are homes and detached structures that have been converted from one single family home to multiple units. I'm very handy and have experience with doing minor rehab work (new kitchens/bathrooms, flooring, paint, landscaping, etc), so I'm not afraid of a deal that needs some improvements. My initial rent analysis for the area we prefer to invest in shows rents around $900k-$1400 for a 1/1 unit, depending on updates and size of unit. 

I'd like to seek out some advice on how to structure our partnership to be most beneficial to both of us, and advice on the amount we should put down (the majority of the $300k, or should we put down less). Also, should I spend the time to source off-market deals (driving for dollars/cold calling owners), or is relying on listed properties the way to go? Our overall goal is to set up this first deal to get us ready to acquire more, once this one is fully rehabbed (if necessary) and fully rented out at market rent. We'd like the 2nd deal to be solely an investment property, as we won't need to house hack that one as well. 

If anyone is willing to provide their insight or advice, I'd greatly appreciate it! Let me know if you have any further questions about my scenario that would help provide further clarification as to what would work best for us. 

Thanks BP Fam!!!