How to structure a MF deal? Equity or Notes?

[Chris McHaney]

When I find a MF deal that we want to purchase, needing help of partners to help with downpayment and possible upfront CapEx money to address deferred maintenance on a property (roof, exterior, etc), what is the best way to structure the relationship?

I see two scenarios, one being a limited partnership or LLC where we are the general partner/member and partners who are helping us being the limited partner/member. The other being that we could create notes that are unsecured, essentially unsecured loans.

If done through an LP or LLC, what's the easiest exit strategy to return their investment over the course of a couple years, thus leaving us with the property, and allowing them to reinvest in another project with us down the road? Considering we are the ones finding the property, the deal, operating it, etc.