Multi-Family (new construction) Deal Structure?

[Wade Funk]

Howdy all!  Please take it easy on me, I'm a relative newby here...

I have been considering spearheading a multifamily construction project in my area for some time and need to get rolling if I'm going to actually do it.  I have ideas on the development and construction, but lack creativity/knowledge on the deal structure.  I think the only way I'm going to get the landowner to sell/do the deal is if they are involved.  In addition, I will need outside investment to make this work.  

I'm pretty confident I can get the investment backing, but I want to get my ducks in a row (renderings, investment return, etc|) before I approach my pool of investors, so as to look legit:)  Before doing that, however, I want to be able to articulate the structure of the deal.

In the case where the land owner is involved, is he/she a equity stakeholder with a preferred IRR in the deal? Then the investors are next, then bank financing fills gaps?

Again, I'm new to all this, so please speak in 3rd grade terms, and please don't hit me:)

If anyone has structured a deal in similar fashion, I'd love to hear your details!

Thanks all...