Okay, if the NOI is $220k a year/ 12 months = $18,333 per month. If your monthly payment on the 80% ($1,840,000.) is $12,200 this will leave you with a Net Cash flow after debt service of $6133. ($73,596/yr.)
If these numbers holds true, offer a 10% return to a partner plus 50% equity share. You’re looking for a money partner to come in with the down payment of $460k, you will give them 10% return a year ($46k) and 50% of the equity when you sell the property.
You walk away with 50% equity and the rest of the cash flow $27,596 a year ($2,299/mo).
You can try to search for 1 big investor for the $460k or maybe create a TIC (tenants-in-common) partnership. Speak to a knowledgeable attorney when doing this or any type of syndication.
To find these people call mortgage brokers, commercial real estate agents, attorney’s, accountants, 1031 facilitators, medical professionals…Usually, big investors like these you will not find going to REIA groups.
But before you approach them, you need to have some control on this deal such as an option. Then put together an executive summary that describes the deal, have pictures, maybe appraisals (ask if the seller has one and get a copy) and anything that would support your position that this is a great deal. You need to approach this professionally and not the same way you would approach or pitch someone when buying a single family house.
You have to build confidence with your potential investors before they will trust you with their money. You need to be able to answer any possible downside risk. They need to know and believe that you know what you’re doing and that you have unwavering confidence in this deal. Lastly, put together a team such as your attorney, a good property manager, an accountant, a commercial mortgage banker, commercial real estate agent, etc…This is part of building confidence (with investors) so that when you make your pitch they know you are not a one man band.