Should I buy this property?

[Joey B.]

Hello Real Estate world.

Although I love the multifamily world, I am working on my first construction project and I am looking for some advice for my exit strategy.

I purchased a building for $400,000 with a partner (50/50). We are going to put $300,000 into the project and we are creating a multifamily property. The target rent rolls will be $8,000/month once the property is completely finished. We figured that if someone were to buy the property at $850,000K then the cash flow would be around $2,500 a month and a cap rate of 4.00%. I currently live in a hot market where multifamily property is selling like crazy.  My questions are as follows: 

1. What could or should we sell the property for?

2. Should I buy my partner out and purchase the property? ( I am not sure I will have the funds for this yet). With the real-estate market being so high right now, maybe it wouldn't be a bad idea to take the cash?

- What would be a good/strategic way to buy out my partner?

Thank you all for taking the time to read this post and any help/advice is much appreciated.