Entertaining a small 10% buy in on 15 unit complex - need advice!

[Nick Kaihoi]

Hello BP,

I had a deal 'fall in my lap' and although I'm still gathering details, I'll put what little I do know about it here for your review. I'm meeting with the primary investor today to gather more info, however, what I really need to figure out is what I don't know and more specifically, what questions I need to ask. I've already consulted with my lawyer which was very productive but am hoping I can gain some additional advice from all of the fine people here on BP. Additionally, I have equity in several of my other rentals but am curious on what other options are available to me for financing. 

15 unit
Appraised last year at $1.5M by 3rd party
Unknown how many total investors - best guess at this point is 5 (40%, 20%, 20%, 10%, 10%)
Solid class B/B+

10% investor wants out
10% investor had the property appraised recently at $1.9M

Obviously I need to meet the other investors, figure out why the 10% owner wants out (sounds like personal differences), what the long/short game plan is, income/expense, any debt that is being carried, rental history, hopefully I can get a copy of the Operating Agreement prior to the vetting period, and speak with the seller to negotiate price and terms. BUT, what else should I be asking about??

The primary investor is someone I've "known" for almost a decade but we've never really gone beyond a friendly hello when we would see each other. A friend of a friend situation. That person is aware that I don't have experience in commercial properties (I have 5 SFH, 3 of which are rented) and is willing to coach me and help me get into the game. I wholeheartedly believe this person is genuine for reasons I won't get into here, you'll just have to trust me. With that said, I'm not looking for a slam dunk, I'm looking for an opportunity to grow, learn, and am willing to "pay" for it by way of an average deal as opposed to a great deal. Although, we all want a great deal, right?!

Thanks, BP!