Just started on BP and found a big opportunity, seeking advice

[Wes Butler]

I'm still new to BP, so I am not sure on the proper etiquette... Please correct me if I should post this some other way.

I have been working on finding my first deal, and this BIG ONE landed in my lap. 

26 units all within about 2 hours of Albuquerque. I just found out about this today, so more details will follow when I get them. I am pretty sure these are all apartment units, and also pretty sure they are completely paid off. My friend (in his 60's) is the oldest heir of a couple in their 80's (still alive). He wants to sell all these units as a package deal. These are NOT listed on MLS or with an agent. There is no property manager, and the couple manages the properties themselves. I don't expect fire sale prices, but probably pretty close.

This deal is too big for me, and I am not in a position to seek hard money.

How do I find a partner? I know I bring nothing to the table, except my good looks and a willingness to do a ton of legwork. I am not expecting a 50/50 split because of this, but I am sure if I find an interested person who has the ability to close the deal then we can agree on a fair split.

This is going to be a very good deal, but I have no clue where to start.

Any and all advice would be greatly appreciated.

Thanks, Wes

[Nick B.]

Wes,

Why don't you post current and projected income and expenses in this thread and we will go from there?

Do you know what similar units can be rented for if renovated? Is the rent increase big enough to justify the renovation costs?

What is the class of this property?What are the cap rates for this class?

What is the current and market occupancy?

What are typical expenses in the area for this kind of property? 

Do you know a property management company or two that specializes in this size?

How do you plan to finance it?

Without answers to these questions and more it's impossible to say if this is a good deal or not.

Nick