Socal Inland Empire Tri-Plex - Partnership Advice

[Timothy A.]

Hi everyone!

I could really use some help with a deal I'm interested in. It's a triplex in the inland empire, socal. Using the property analysis sheet, here are details:

Price: $170k
Rehab: $20k (estimate pending viewing)
Closing: $3,400 (2% estimate)
Total cost: $193,400

Monthly rent: $2100
Annual gross w/12% vacancy: 22,176
Estimated annual expenses: $8,674 (taxes, insurance, maintenance, utilities, advertising, PM)
NOI: $13,502
Cap Rate: ~7%

I tried to be conservative with expenses, and it looks to be a fair deal. I don't have all cash to pay, so I was thinking of partnering up a local investor for the deal. What do you guys think about the deal? And what kind of terms are typical of a partnership like this one? 50/50? I haven't spoken to him about specifics yet. I just would like to know what options I have before I speak to him. Thanks in advance for the help!