As far as the contractor I would not offer a percentage of overall profits, if anything I might offer a performance bonus if work is completed to a satisfactory standard and completion goals are met on schedule and within proposed budget.

What is a good percentage for cash on cash return of investment?

You might just find a great PM like mine that charges a low percentage for the basic leasing/emergency duties and offers additional services a la carte.

We financed the deal with a non-recourse loan which requires 40% down, certain amount of positive cash flow and a certain percentage of reserves in ALL IRA accounts.

I don't remember exactly what it was but had something to do with posting deals, or percentages on returns, and other financial information. 

@Kyle Houlahan I would second an LLC and also have an operating agreement the states what the job responsibilities are of each partner and what percentage of the deal each partner has. 

You can still look for an experience investor looking to acquire another apartment complex, but instead, partner up with him/her and offer them a percentage of the cash flow and equity.

Then its a percentage based on that. i.e. if land is valued at 1m and you bring an addition 2m to build then its a 33/66 split.

If the big expenses were around $10k each, that would add an added 13 years to recover that cash, and this repeats, so you never catch up.The dollars (not percentages) you need to make, and use for analysis, must be based on your plan requirements...NOT some arbitrary number that you adjust as you go to make a property work.Your not going after properties...you're going after deals. 

I suspect that a large percentage of those are in a few cities like SF, LA, NYC...