Limited Partnership deal structure questions

[Brandon Hicks]

So, I have a fair amount of experience investing in small multi-unit properties. I currently own a 5 unit, 1 triplex, 8 duplexes, 4 houses a 2 unit office building and I'm closing on a 12 unit apartment complex this week (turnaround deal). I buy with mostly no money down land contracts and then refi with a local bank. I currently have 9 properties with my bank and the 12 unit will put me at 7 currently on land contracts. I mention all this to say that I have experience and a track record of convincing sellers to work with me even with no money down.

Moving forward I want to focus on bigger deals. Sure there are still a few duplexes in my town that I'd like to own but it makes sense to me to go after bigger deals. Through targeted direct mail I am hoping to locate something around 20-60 units that is need of a turnaround.

Even if I am able to convince  a seller to hold all the financing I may want to bring in some partner(s) capital to be able to do the turn around faster and reach the refi or sell point quicker.

Let's say I am able to find a seller that was willing to sell on land contract and accept a $50k blanket note secured by the equity in some of my current bank-financed properties and like $10k in cash. Is it feasible to set up a limited partnership and raise $50k from the partner? I would keep 50% of the deal and 50% would be the partners. Just making up numbers. Whatever I wanted to raise in cash I would offer the seller the same amount in the form of a note on my stuff to keep the deal at 50/50 between me and the partners.

The plan would be to do a cash-out refi after forcing the value up on the property and then either hold it or sell it.  

I will be discussing limited partnerships with my attorney once I get my 12 unit deal mostly rehabbed. I'm just bouncing ideas around in my head now. Ideally I wouldn't be able to find a bigger deal that I could structure like all these little ones Ive done and avoid giving half my deal up.

I'm a full-time investor/painter.  I would probably hire 3rd party management but I would act as my own general contractor and I have a few people that would work alongside me in doing the rehabs.