I need help structuring a multifamily deal

[Justin Elkins]

I am looking at a MF 16 unit that is 50% occ.  It needs about $100,000 in repair to bring it back to rentable condition: roof, sidewalks, walkways, make readies.  Based on my figures the current out of state owner owes $300,000 and has lost money on this property for at least the last 5 years.  He needs to sale!  Based on 50% Occ. and 50% exp.  the building is worth $180,000.  In this area if I could have the building rent ready for a total cost of $280,000 this would be a solid deal.

Now, the question.  In order to make this a win-win what would be the best way to structure this deal.  I have been in contact with the owner and he is willing to look at different options.  I have a few ideas like doing a 50% partnership where I put up the repair money, handle the repairs, and do the daily operations of PM. 

I prefer to own the building 100% but don't see him being able to take that big of a hit.

I thought of trying to do a short sale but that is probably a long shot.

Any ideas would be much appreciated.

Thank you,

Justin