MLA on huge portfolio

[Daniel Whiddon]

Hello BP! I would like some recommendations if you'd be willing. I have a possible opportunity to get a huge portfolio 100+ units under a Master Lease Agreement. I've run the numbers and it grosses 600k+ per year in rent, with the opportunity to bring in 25-30k cash flow, about 8k a month after paying the lease. I don't see that as a lot of income for that many units, but I estimate that with about 100k renovation and with tenant swaps, I can bring the rentals up another 5k a month guaranteed with the possibility for more. The guarantee is there are 12 currently unusable units that would rent for 4-500 each once they are usable. Any rental income increase I can keep every month, so I'm highly motivated to focus on those repairs.

My two biggest risks are 

1. I'm very new to real estate, (planning to compensate that with a partner)

2. The opportunity comes with a 500k collateral cost, which that partner will have to provide. I can only offer sweat equity in this deal because I'm so new. 

I believe I can handle the workload, mostly because I have sought out and contacted a property management company that is willing to help me with the things I haven't done yet. I have experience doing general repairs to houses and would consider myself a somewhat of a handyman at this point. 

I just need someone willing to help me with the collateral. The seller told me they may even be willing to forego the first 6 months lease fee in leiu of using that money to finance the repairs.

There are a lot of other considerations, such as the option after 5 years and of course the ARV, but I'm only really interested in the cash flow for now to build my own portfolio, and not the option or the potential from ARV.

This is not a solicitation, but I would love advice on whether it remotely looks worth doing and if so, how can I sell it to someone when I find someone to ask for 500k collateral and a partnership?

As always, thank you for any insight you can offer. I appreciate this community and your time!