I am finding the townhomes to be providing very good C on C returns with the least work.  

I would have to know your risk tolerance, your desired cash on cash returns, your location requirements to see if what you are trying to do is realistic or not.

Partnership operating agreements are very flexible.You could do a waterfall schedule for both allocation of income and capital distributions.e.g.1) You're allocated a cumulative fixed annual return on your unrecovered capital contribution (6%, 8%, 10%, you name it)2) Profit in excess of the fixed annual percentage return is split 50/50.Capital distributions could be something like: first distributions are to recover your capital contribution(s), then preferred return accrued to you, and finally the 50/50 profits.Food for thought. 

Without having enough cash on hand to brrrr I think my next move is to find a private money partner that’s looking to make a better return on their money.

Looking for 10% or higher CAP rate from rentals…better returns than index fundsOrBuy and rehab/remodel an existing apartment complex in a B neighborhood and hold…I rather do the former (low maintenance)Location:I was thinking Orlando, Tampa, Jacksonville areas…good demographics, steady real estate appreciation, low unemployment, relatively low real estate prices… I currently live in Seattle area and the prices are extremely high for this kind of project.I am willing to temporary relocate or commute in order to manage the project (wife will take care of the existing business).I am looking for advice, suggestions, comments

., then that is still a low return from the cash flow side of things. 

There is no advice or question here, you're just complaining, and complaining has a terrible return on investment. 

I figure I am paying myself via equity by paying down the loan for the down payment, and when that is paid, I can turn it over to a PM if desired for no change in cashflow, or keep self-managing for a much greater return.

If the LLC you are forming is a disregarded entity (meaning only one member, not filing a tax return, choosing to be taxed as a sole proprietor) then the IRS looks past the LLC and sees you as the tax payer regardless of who is on deed. 

Not to sure how that works, do I just invest in part of the 100 unit complex and get some returns with my small deposit?