Structuring a multifamily deal

[David Peters]

I am trying to understand how to put together a deal on a 100+ unit apartment complex.  I am looking at being a lead investor and bringing in passive investors as well as using bank financing.

I own a property management company and this company would manage the property.

The lender is willing to provide 85% financing and I need to bring in 15% down.

I am looking at doing this by selling a few single family rentals and using a 1031 exchange to bring my portion of the down payment.  I will also need to raise the balance of the down payment from passive investors.

Can anyone tell me how I would go about structuring such a deal?  I am in Minneapolis, MN.  

Any advice would be greatly appreciated.  I have not found much information on specifics of how to go about doing this in the forums.