Hey Bernee,
There are a lot of books, videos, training courses, etc. out there on this topic, so I won't try to duplicate those. As with single-family houses, there are multiple funding, management and exit possibilities. What you do with a deal depends on its unique characteristics coupled with your personal preferences.
Sounds like you have a specific property in mind. We've owned apartments for a few years now and have learned quite a few valuable lessons. If you'd like to give me a call at 817-300-1132, I'll be happy to brainstorm with you. You &/or I can update this thread as things progress for the benefit of everyone else.
Thanks,
Robin