$5.6M Deal in play but need partner(s) for two 55 plus community

[Sherri Behrendt]

Hello BP, 

I am a newer member of BP and have been working on a potential unlisted deal for most of this year.  The owner is now willing to sell both units as a package for $5.6M and is 146 doors, together.  Both are 100% full with a waitlist.  The owner is willing to sell to me before others are interested in the property but he needs to know today.  I don't want to lose this deal so I intend to get it under contract and then look for partners for at least 20% of the deal.  I just closed on another investment, last week, and thought this deal was dead so the timing is tough that it is moving so quickly, now.  The Cap rate is close to 10%, but that depends on PM fees and the rents have the opportunity for 2-5% per year, which I don't believe has been happening each year.  There is also the opportunity to have more utilities to go to the tenants.  I would love to partner with an experienced person to learn from while we add value to this deal.  Any advice on how to proceed the best in this situation would be appreciated.  I will get it under contract with investor/credit approval contingencies, today.  

I am a new investor and a newly licensed RE agent in Iowa, so looking to learn from seasoned investors and am aggressive in what I want to achieve in the near future.  I have also ran a $50M+ business with 200+ employees, so business isn't new to me, but RE investing is.  

Thank you

Sherri