Large Multi-family purchase questions

[Kerwin Cabrera]

I am working on a deal for the purchase of a large multi-family (200+ units) and I had some questions about the process. I am planing on getting several investors to partner with me in order to acquire the property. Here are my questions:

1. Do I have to inspect every unit? How does the inspection normally work on deals like this?
2. How do I structure the deal so that the investors only get a percentage of the cash flow and not get to run the property? They will be aware of this.
3. If an investor wants to get out after a year or two, how do I handle their equity? Is it normal to structure something like, if you get out in less than x years, you only get x percentage of your equity?

Thanks,
Kerwin