76 Unit apartment complex

[Ruben Morgan]

I have a 76 unit apartment complex that I am about to purchase subject to for $2.2million. The seller is willing to carry 100% of the financing ($1.76million) as long as I pay his exit costs. There is about 36% vacancy, and the units don't need any substantial rehab.

His exit costs including brokers fee, title, tax, etc should be less than $150,000. Can I get a bridge loan, or should I seek an equity partner? I need to close in 21 days of acceptance (which should be today).

If I have an equity partner I am of course willing to give up a substantial portion of ownership in the project.

What should I do?

Thanks guys.