Equity structure - First big self storage deal

[Wayne Michalak]

Hi everyone.  First post here.  Looking for ideas on how to best structure my first big self storage deal.  I will be brief and provide the facts.  I purchased and have been paying for a large building (65,000sf) for a conversion project.  I have owned it for 12 months.  In that time I've gotten it conditionally rezoned (big undertaking) with the city.  Paid for a feasibility study (very strong demand!).  Hired a GC and am working on site plan approval.    Holding costs are very high right now along with GC bills and attorney fees to date.

I have a couple people that want to jump in at this point to provide money.   I will need help getting the construction financing, etc. moving forward.  One of the potential people has self storage history so it will make the lender more comfortable.   

My question is:  What is a good deal structure to take into consideration all the effort/risk I have done to this point?  At this point it is a turn key conversion project.  I have read/watched all the videos:  Bridger P, AJ Osbourne, etc on funds, and equity waterfalls.  Seems very complex and a bit advanced for me at this moment.  I negotiated a really good deal on the building so the value add is phenomenal.   

I want to be fair (what's a great IRR for this deal?) to everyone but not leave money on the table. Appreciate any advice! Also if you are proposing a structure please feel free to leave examples of how the math would work out with hypothetical #'s. THANKS!!