Fourplex for $98k, Independence MO, tell me if this is a deal!?!?

[Aaron Brown]

Okay, i need your help BP!  I have an older fourplex under contract  in Independence Missouri for 98k. I've done my due diligence and below are the actual numbers, or averages.

Monthly expenses:

96Ins

141tax

178Management

18trash

95water

70gas

178vacancy

178Maint

954total

Owner pays for water and sewer, and also gas for 1 water heater which is shared by upstairs two units

Monthly Income:

Unit 1.   600

Unit 2.   400

Unit 3.   400

Unit 4.   375

Total 1775

The way I have structured the deal is to close with only $10,000 down that I'm bringing to the table! I have a JV 50 50% partnership where the partner is bringing 50000 to the table. I also have a moneylender which I am borrowing 40,000 from with an interest only loan at 6.25%, making monthly payments of 208 per month. See numbers below. Also, as the active property manager, I will be receiving 10% management 178 per month off the top. The interest only loan I can pay down any time, and also down the road I can buy out the partner.

1775Gross Income

821Gross - Expenses

410.5 net income split with partner

208 interest-only mortg payment

202.5Cashflow

178 10% Mgmt.

380.5 CF + Mgmt

Questions, what are your thoughts on interest-only loans? I am at still my early investing stages and trying to build up cash flow for additional down payment as quickly as possible. 

Thoughts or advice on how to structure the deal? 

Thoughts on the numbers? Is this a good deal?