A recently completely renovated home with similar specs (sisters is a bit smaller) just sold on the same street for 530k.

@Anthony Reyes I am in a very similar situation, young, big saver.

@David KrainertWelcome to Biggerpockets.You and I share many similarities. 

Or any similar to share?

They can also range from the simple (like a straight 50/50 split) to the complex (a preferred return with several waterfall hurdles and other oddball provisions).For typical Multifamily value-add offerings terms should be somewhere similar to the one we typically use:8% preferred return (investor gets 100% until reaching the 8%) then70% of the profits until reaching a 12% return, then60% of the profits until reaching a 15% return, then50% of the profits thereafterThese can slide around somewhat, with slightly higher or lower preferred return, and/or the % profit splits might vary (such as 10% higher or lower than above) or the hurdle rates can vary. 

Dickson, Gallatin, Murfreesboro, Spring Hill, Columbia, and similar areas might be good to research and start there.

You might have to use conventional financing (20% down) and organize yourselves into an LLC or S Corp or something similar which will add cost.

@Ericka Grant,We had a similar situation, young girl LOVED the place, signed contract, paid deposit.. then the day after the lease started, she told us her dad did a search, and said there were too many sex offenders nearby, and she wouldn't move in because she was afraid now (she saw it twice in person, no concerns).    

If it means the same thing in Philadelphia, you will be dealing with a Historic Home Commission, or something similar. 

And if the numbers were similar on all of your properties $5,400 x 20 units = $108,000/yr.