How to structure JV on apartment building deal / private lending

[Josh Thomas]

Looking for advice as I'm getting closer to putting in offer for on an apartment building in Texas. For those of you who have done deals with partners, how would you structure a deal as follows?
I found a 54-unit apartment building with poor management and 10% occupancy for sale. Need to buy with all cash. I have about 40% of the cash to put down, and seeking another 60% from a partner. I plan to facilitate the transaction, move to the area for a month or two and work on getting new management in place, fixing up units, marketing, increasing occupancy, and remove bad tenants as needed. After building has been stabilized in 3-6 months I plan to do a cash out refinance where I could pay off my partner and I would own free and clear. 
With that being said I plan to seek a partner that would provide private lending only, keeping out of daily operations. I'm just a bit confused how to actually facilitate something like this.
Would I get the title company to spin off a private mortgage note with terms they accept? 
What terms would make sense for a 1st note in the $450,000 range?  Would 6% simple interest for 1 year, renewable for another year make sense if my partner is a close friend?