Buying our home, no money, great income

[George Ruiz]

Our landlord wants to sell our hime, we have the income (30,000 per month) I had a divorce 7 years ago, and I paid so much money out until recently so I do not have a lot of savings (I just sent a big check to the IRS), also my credit got ruin. My personal credit was ruined into the 500's with the divorce but starting to go up around 680 or so, my new wife (I have been married for 16 months) has a 770 in both bureaus.

Our landlord wants to sell at $650,000. the home is outside Austin, Texas, 5 bedrooms, 4 baths. We love the home and the area, and we want to buy it. It needs a lot of updating (built in 1994).

We need advise on creative financing to buy it, we do not have the money but I will in 12 months or less, but he wants to sell now. 

I am thinking on a wraparound loan (there is a $400,000 loan) for the full price, and to refinance as owner in 12-18 months then paid off the home. In 12 months we could have $100,000 or more to lower our mortgage. Landlord wants to sell now.

It seems that he is worry about the real estate taxes (due Jan 2017) $15000, it is one of the reason for selling.

Any ideas?

Thanks

George