Commercial and residential deal in Phoenix

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I'm in contact with the seller of a package, a few stores, a restaurant, and 15 residential units. It's right in Phoenix and 2.65 acres, mismanaged and still operating at a 7.8% cap rate now. The price is low at 900k. It's old, a grade D property, but people live there, and it's cash flowing even with 5 units out of 24 vacant. My money partners, one says he can't afford it cause his money is tied up elsewhere, one says he only wants C & B properties, and one is talking with me more tomorrow about it. I'm thinking to buy & hold for a few years, then either tear down and build a multifamily or sell. I have no money to put in though, I'm willing to give a JV Equity partner 70%. It is a valuable piece of real estate. Could I get feedback and advice please?