Syndication: Raise 30-35% or 100% of the purchase price?

[Andrey Y.]

I have been diligently researching the art of underwriting small multifamily apartment buildings, and I am unclear how much capital is raised in the typical deal. Say, on a $300k building, should I be raising $100k from partners then get bank financing for the rest, OR raise the full $300k then refi in 2-3 years after building stabilizes? The latter would be a bit more of a challenge, and if investors are looking for 10-12% CoC returns, maybe it would be easier and more profitable to raise the $100k, then get a bank loan at 5% for the rest. What do you guys do?