I am new to investing. Really new. I started with BiggerPockets over the weekend and have immersed myself. By far, I still have much to learn. I have purchased a number of books and am going through my business plan in my head before I get it out on paper. Part of the issue I am running into is with where to start. (I have listened to 10 or so podcasts and have read the Beginner's Guide to Real Estate Investing.)

I am looking at moving to New Haven, CT and was scoping out the market for my first ever home purchase. Along the way, I thought about buying a multifamily and renting out what I was not living in. I am still considering this, but in my excitement, I started talking to some of my business contacts.

One of my long-time customers (I am a partner in a couple of successful businesses) who has plenty of means has offered to back me on my buy, but agrees with me that I should pursue an apartment building. I am thinking of doing both.

Right now, I am trying to figure out how I should work with him. He is older and mentioned he prefers stock because of the liquidity, but we have a good relationship and I think he is more interested in helping me get a start, but will not ignore his desire to get a return. Do I ask him for a portion of the purchase for a downpayment on a commercial loan? Do I consider getting him to fund the entire purchase and take it as a loan or work him in as a partner? In either case, would it be easy to refinance an apartment in 5 years or so so he can cash out?

I know that I have to find a good deal and get my business plan ironed out before I can ever ask him for a dime. I understand all of the concepts in finding a good deal and have connected with some people in the market who are willing to help me find deals, but I see an opportunity and I know I don't have to act tomorrow, but I feel the need to accelerate my knowledge in this specific area in order to pursue this option.