How to buy a business with real estate included

[Chris Oakeson]

One of the things that I have been interested in besides real estate is owning my own automotive business. There is a local auto business for sale that the seller is including the land and in OC thats a huge plus, like many other areas. The land included is about half an acre and the auto shop has been around for a long time. When I first contacted the agent a year ago the seller was asking way too much and was not willing to carry any of the loan or do an SBA. It didn't really matter because I didn't have any type of down payment or money to put in, so they wouldn't even talk to me. As I have been watching the business the owner dropped the price and is open to carry the loan if someone comes in with 25-29% down, which would be close to $700k. The more I have been listening to podcasts and reading the forums of BP, I learned about syndication and the benefits of it. My question or questions are, would this something a syndication would be interested in and how would I go about finding a syndication that would help? My plan was to run the business myself and grow the business. Currently the owner has not really advertised or done anything other than the word of mouth advertising from the local community. One more newbie question, if I did go through a syndication company how would the ownership work? Would I have 71% and the investors have 29%? Any help and information would be greatly appreciated.