20% Share of apt complex deal - is it worth it?

[Rob Shah]

Here is my situation - please shed some light.

I have been approached to be a partner is a apt complex (24 studios). The downpayment is roughly totaling about $160K which each partner should throw in about $55K. The buildings sale price is $800K. My issue is my credit is not very good and with me on the loan we will not get approved. So the partners are telling me to take a 18% - 20% partnership so my name is not on the loan but I really want 33% (equal share for all three partners).

What should I be looking for or asking when accepting or rejecting a share of 18% - 20% in the building?

Please advise.

Thanks,

Rob