Potential huge deal, need help with how to make it work.

[Greg Palmer]

Hello,

I'm in Northern CA. and just stumbled upon a potentially huge opportunity for me but I need advice on how to make it work. Here's the scoop:

It's a 23 mixed unit apartment -16 two beds, 5 1 bed, and 2 studios, built in 1983 overlooking the river which flows right through town. It's in an ok part of town, needs a total re-hab. 

It's cash flowing currently even with vacant units at approx. $100k/yr net. Cap rate of 7% values it at 1.5 mil. should be listed for 1.1m, but with the re-hab could be negotiated for less possibly. 

Rents could be raised some after re-hab to value it at 2.2 + mil. All units will need all finishes and appliances replaced, possibly HVAC upgrades too. Thinking to try and keep re-hab per unit costs at around $20k average. 

Here's the problem, I'm a contractor with a solid 8 years experience but the last couple of years in the market I'm in has hurt and my credit score is not great. How can I raise the money I need on this? Should I try and form a team which could carry it and take my chunk at the end? Can I make an offer on it and use the due diligence time to try and make something work?

Greg