Off Market deal for 18 unit with partner, looking for suggestions

[Sergio Baerga]

Hey guys, myself and a friend I met on bigger pockets found a deal in our area of San Juan.

$400,000 asking price

18 units. $10,500 receiving in rent.

It has some low cost units as they are not in great condition and some are quite small.

The location is great and has 17/18 rented long term at the moment meaning it will cashflow from day 1.

It is poorly managed and still booked because it is a desirable area walking to nightlife restaurants highway and close to airport.

Even a great spot for airbnb.

Monthly Income: $10,216.00

Monthly Expenses: $5,545.46

Monthly Cash Flow: $4,670.54

Pro Forma Cap Rate: 12.43%

NOI $129,000.00

Total Cash Needed: $80,825.20

Cash on Cash ROI: 43.45%

Purchase Cap Rate: 20.21%

The question is both of us have smaller deals and cash flow airbnb long term but never have partnered up, and would like to know if anyone could give advice as a starting point?

LLC 50/50. what terms should the contract say?

What type of financing should we go for?

Any advice on how to go about this would be great and helpful as we are excited to take on our first large deal.

Thanks