Creative financing on commercial property

[Joshua Cowman]

I am looking at a commercial property. Rather than seller financing (buying it on contract) I'm thinking about making the sellers a partner in the project. It's a great site/location but the property needs significant renovations and improvements. I'm proposing the current owner becomes a partner by putting the real estate into the deal as equity for the partnership and thus creating equity for the lender. 

Thoughts / feedback on that structure and any ideas on how to leverage/structure that equity with the lender for the improvements would be appreciated.  

jc