Martial Arts School with 2 potential apartments

[Jacob Ohl]

A family memeber and I have been looking at a building in our small downtown area next to a popular hot dog shop/bar.  The asking price is a mere $13,500 for the 2 story building.  So, we are looking to buy cash.

His interests lie in the downstairs, which is essentially a plug and play front for a martial arts school, as it had been one for many years, and the owners are getting older looking to downsize everything.  

My interests lie in the upstairs which boasts enough raw space for 2 good sized apartments after renovation, and essentially creation of the second one from scratch.

We are looking for a way to partner on this venture, but not sure the best way to go about it.  We've considered both creating and operating as separate entities on the upstairs and downstairs.  Any guidance would be greatly appreciated.  

Best!