VIP concept: What are your investors' and your expectations.
If they are capital only and have no interest in management, that's one road. A yield is all most passive investors are seeking. They are busy and have no time or patience with HEADACHES from you/asset.
If they want a say in how things are run, that's another. They (and you) are taking on the risk of the others' participation.
Make sure they understand how income property is valued and managed. Otherwise, its an uphill battle for the entire time you own the asset.
That's experience talking.
That's French for saying -- if they are newbies in Real Estate income property, you'll be better off finding other partners.
Just my 2 cents.
Keep us posted,