Approaching local investor about partnering

[Jake Thompson]

Hey guys and gals,

I recently purchased a duplex and about a month later another investor purchased the 4 plex next door to me. He is a full time investor with several 2-4 unit properties. We have been talking for a little while now and he has been helping me out with advice about my property. So I guess you'd say he's becoming a mentor to me.

We're both interested in getting into apartment deals and I am in talks with a realtor about a small complex from a older couple looking to retire. I know I won't have the funds on my own but I'd like to approach my neighbor/mentor about it and see if he'd be interested in partnering, if the deal is good. Even if it's not, I am still hoping to partner with him on a small apartment. My question is what would be the best way to approach him about this possibility? Should I show him a good deal first and see if he likes the deal, then ask if he'd be interested in partnering? I always hear about meeting local investors but I'm not quite sure how to take that next step, or if I even should. Maybe it would be better to keep our relationship strictly as a mentor/mentee(is that a word?). Anyways I appreciate all advice/support/criticism.