New to financing with OPM

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Hi there, I'm new to Bigger Pockets, and a total noob when it comes to investing with other people's money and raising capital. I have been an investor for over twenty years and currently have 30 rental doors, 4 STR properties, and have flipped about 12 homes in the past few years. So nothing too exciting but definitely a few ends under my belt. With my 50th birthday approaching I've decided to take it to the next level and hit it hard even in these weird economic times. Everything I've done to date is with LOC financing ... and for the first time in 20 years I'm feeling the pain because of the rates. We are located in the Niagara Region of Ontario Canada, and we have a good track record for buying distressed and quick closing deals. I'm also a licensed builder but usually only build on our own deals (on spec) when development or rebuild is viable. Our rentals always improve the neighbourhood and rent well, for full market value and we have great tenant retention. We buy as a corp.

A common property in our region is the small multiplex (3-10 units), they are usually tired and miss managed with rent below market value and VTB is sometimes available.  The typical tired rental.  These deals seem to come across my desk quite often sometimes with one or more tenants that need to be evicted ... so lets consider that target for this conversation.  What are your thoughts on the following hypothetical deal scenario.  Again, never raised private capital for a deal before.  

- Purchase price $600k

- ARV $750k with rents that will cashflow well once stable.

- passive investor puts in 30% cash for down payment in return for 40% ownership

- deal provider (Me) puts zero cash in but finds, secures and manages the deal, bank financing and 100% of the property management

- bank mortgage for 70%

- closing costs split 50/50

- capital improvements split 50/50

- all monthly positive cash flow (profit) as well as 60% property ownership goes to the deal provider (me).

- first refinance (year 3-5) get investor's 30% investment out (before I take any equity) so we can do it again!  At this point neither of us have cash in the deal.  Every refinance after that we split 60%/40% ... until we decide to sell or bequeath.  The hope would be that I would repeat this many times of course with multiple investors and eventually use property management when it becomes too much to handle effectively.  

In this scenario I'm giving up a lot of equity but feel I could scale my business and eventually move this into larger multi family deals.  

Is this a bad idea?  What am I missing?  Thank you in advance!