Best Use AND potentially finding and investor

[Anthony Spencer]

I'll try and make this to the point however I do have sereval questions wrapped into this post. I recently bought an off market property, in a small bedroom community, on Seattle's Eastside. Single family homes here are selling for $400-450/sq ft. Its a 1910 farm house downtown on the main street. It's grandfathered in as a single family but its zoned for mixed use. Per the city its zoned for between 5-16 units on a half acres lot. 

I'm confident I could put in $125-$150 remodel, sell it as a single family and gross roughly $300K. But I'd really like to keep it for long term cashflow and future apprieciation. If I were to change the use, it would need to be a full tear down, and I'd need to bring in an investor. Something I have never done before. 

How do I determine whats the best use of this property and my capital already tied up in it? What steps can I take to find an interested investor, and what type of deal should I expect to propose to them? I wouldn't need to squeeze ever dime out of this, I'd just be looking for somthing fair, to learn for the future, and develope business relationships in the process.