Getting a deal funded with an IOU?

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Has anyone here ever got a deal funded with an IOU?

I'm thinking about possibly doing this:

Setting up a deal on a fourplex that is currently rented out. If I have enough capital to buy the building outright, but my capital is currently tied up. 

 Could I structure I deal where could have an investor fund the property and then I'll manage the property for a percentage of the rents and then include an option to buy some of the equity back later?