Help me put this deal together.

[Billy Barnes]

Hello everyone! I just got offer a townhome that is is off the market that is a turn key. It is a 3 bed 3 bath and is about 1571 Sqft. All the appliances are fairly new. Might need carpet replace and repainted are the only repairs needed. The owner is Asking 280K but the Comps come out around the value of the Townhome as 300k. I just need a partner to help me purchase it. I plan on doing some minor repairs and continuing renting it out to the current tenant. 

[Jon Holdman]

Why do you want to buy this?  Paying $280K is going to be cash flow negative, especially 100% financed.   "Upscale" areas in general do not make for profitable rentals.   The payment on a 4.5%, 30 year loan of $280K would be $1418 so that alone eats up the rent.  And a partner is not going to hand over the 20% down payment at 4.5% for 30 years.  So this is cash flow negative just for the debt service, let alone covering expenses.  Owning this is going to pull hundreds of dollars out of your pocket every month.

Prices have been increasing.  That may or may not continue, especially with a lot of new inventory being built.  You're paying full price up front, so there's no value to be added such as by fixing up a junker.  I'm not seeing a way to make a profit here.  

What are you offering to a potential partner?  You're asking someone to put up the riskiest part of the funding for what appears to be a very weak deal.  What are you offering to get someone to do that?