Partnering with multifamily investor on existing property

[Lee Carter]

I have a friend with an existing multifamily property. I have a HELOC that I'd like to use for a first time deal. I'd like to structure a deal to be able to join with him in the existing property. The way I see it is that his benefit would be faster principal payoff to be able to leverage the property for future deals, no management responsibilities, and increased value because I could propose to bring more value to the property. My benefit would be a slice of the equity (a percentage of the increased value + my contribution), a percentage of the cash flow, and the experience of managing a property since this is my first deal and he could mentor me. What are your thoughts? How would you structure something like this? Should I wait until we find the next multifamily property and jump into that deal from the beginning instead of getting into an existing one? Thanks