I'd avoid sophisticated/complicated and expensive structures at this stage, especially if the only reason you need a partner is because you're both undercapitalized. 

You can talk with a securities attorney, but I'm sure they will tell you the same thing.Your best bet is to find a 506b offering that you can legally invest in as sophisticated investors.

@Reggie MaggardOn the equity side sophisticated or accredited passive investors look for an overall 15% return’ usually composed of a 6-8% annual cash flow from operation, and an annualized 7-9% capital gain in 3-5 years through either sale of the property or a refinance enable by note amortization if leveraged and increase in value due to operator effort or discounted purchase price.On the debt side sophisticated and accredited investors look for 8-9% for VERY SAFE loans where the collateral is A or B commercial property in a major metropolitan area and the syndicator is large and increased, and the LTV is 60% or less.

Take-outs are as important as it gets and deal breakers for many sophisticated LPs.

Most of them want accredited investors or at least sophisticated investors.

It is not super sophisticated or anything.

I’ve heard about this style of partnership on the podcast, in much more sophisticated deals like syndications.

But the main purpose of delineating cap rates here, is to understand the meaning of NOI in the creation and assessment of value for an income producing project.Remember: when speaking with sophisticated investors, knowledge of these ratios and the ability to work them and speak them, will set you apart from the rest of the market.Here is a sample proforma:Proforma Income and Expense Summary Construction Cash Flow AnalysisInternal Rate of Return Analysis

However, you do need to be a sophisticated investor.  

I was not a savvy investor when I started and I basically looked at a dozen properties and picked me "favorite" that didn't include any sophisticated analysis.