Finding limited partners that aren't friends and family

[Reggie Maggard]

I am in the process of upscaling my business. I have worked as my own property manager for a bit now and I officially have my 'system' in place. So now I want to 10x this business. This is where using other peoples money comes into play. I feel good about hunting down the deals on these bigger multi-families, but have some questions about the cash.

I would rather use outside money sources than friends and family. I want to basically borrow the 20% dp through my llc, purchase the property, manage, value-add, etc..., then refinance 3-5 years down the road and buy out partners. Im thinking the terms are...least control legally possible by limited partners, and 8% return on their investment, 50-200k investments. Interest paid quarterly. At the end of three years, they get paid at least half of original investment and at 5 years they get anything remaining. But how do I find these people? I know their are some legalities involved.

Thanks