How to approach an Investor?

[Eric Johnson]

I am really new to the area of real estate finance and need advice.  

There is an old storefront in my town with 3 storefronts and 6 upstairs apartments.  The current owner bought it at an estate auction for next to nothing and is looking to get rid of it.  It could probably could be picked up for 30,000 but it needs a lot of capital invested into it ($100,000).  (New roof, renovate apartments, HVAC),  It looks like it would cash flow 1,700 a month when fully put together but someone would have to wait before they started getting anything back.

Since I am so new I would like to know what kind of an offer I would have to make someone and how I would present it?  I only have sweat equity to offer, but the cash flow would basically be the investors until the bank would be willing to back the building.  I want to be as fair as possible, can someone point me in the right direction?

There was already some good advice on possible approaches to this property, but I don't quite get the details and what the investor would need to see before they were comfortable with a deal like this.