Need some advice on an 18 unit where I need a money parner

[Sterling Seizert]

I am in negotiations with owners of an 18 unit building built in the mid 1970s that they have fixed up a lot (new roof, new cabinets, new windows, new flooring). I have reviewed the rent roll and expense statements and all looks good. The asking price is $936,000, but my goal is to get it under contract at about $850,000 (maybe $875,000). The owners want at least $100,000 down (they have a small mortgage left). The numbers are great (CoC 46%, Net Cash Flow about $46,000).

My question is this: how do I go about getting a money partner on this? What would the best way to structure this? I am able to offer about a 12% annual return for the partner. Is this too much? Not enough?

Help Please!

Thanks