"Wholesalers" get the table scrabs in comparison. 

What is your " value ' What do you bring to the table ? 

I understand thought about equity in properties but what have to keep in mind is how it views from financing side of the table.

Read inherited leases thoroughly before the interviews, make a table of all important dates for each unit, like all renewal dates, how many days in lease for notices (inspections, non-renewal, etc.), and any special terms in there like required to maintain minimum heat, etc. 

Has anybody structured GP/LP like this and thoughts on waterfall table and cash flow distributions?

They can come to the table with cash to make up the difference.

We do have 4 other properties we rent with significant equity so using equity from one of those is on the table as well.

As a real estate agent, and having dealt with these companies, you could end up leaving a lot of money on the table.

Since you bought this for $5k less than the appraised value, I don't think there would be a big enough jump in adding value where you can do a cash-out refinance, and you would likely be bringing money to the table to pay off the HELOC with a standard refinance. 

I think you might end up leaving quite a bit of money on the table.