4 unit building paid off with $1+ million in equity....needs funding for the rehab!

[Ray Colemamn]

I'm a licensed contractor in NYC and I have a good friend who's family owns a property here in Crown Heights Brooklyn that’s basically all paid off and taxes are up to date.

There's anywhere from $1.5 to $2,000,000 in equity, but the issue is it's owned by her 85 year old grandmother and they have no idea what to do with the property. I'm trying to see what are my options as to how could I structure a deal for the renovation of this project and the potential partnership when it’s completed .

I probably have about $100,000 of my own funds to put up, (will need $500k Minimum) but don’t have the credit or the income at this current time (Just gut renovated my main residence).  Would it be possible to take my $100,000 liquid cash and their equity and go to a lender and get some sort of funding for the rehab? I also have someone I can partner up with on my side that has $140K W2 income and decent credit.

Would it be best for me to come in as an investor/contractor as one business entity and her and her family come in as partner in a separate entity. I talked to one lender and they said we'd have to be blood relatives to partner up for the deal. I'm trying to figure out the best way to finance a project like this?