Private money lender or partner

[Greg Cole]

I have a 22 unit all 2 bed 1 bath 100% occupied no rehab address is 11035 Harvard CT Mt.Morris Mi 48458. Ave rents are $675. 100 -125 below market. Under contract, purchase price 1.3m. I have a hard money lender ready to finance at 10-11% 12 months. 75% of 1.3m. Seller will carry back 200k

Looking to get a private money lender to help gap the down payment with some reserves. Private money will be in 2nd position. I believe if the seller puts in 200k he would be in 2nd. There would be a $125-175k difference at a 3rd position right? I have been trying to understand if this would work or would there be a better approach? Looking for all strategies that would fit here. This deal would only need to be 12 months or less. Exit strategy to hold, refi into 30 yr dscr or a local bank. Right now the local bank would do 75% of purchase , 25 yr amortization, 10 yr balloon , 5 yr min hold. What do you all suggest. Thanks.