Seller Financing Question

[Monica Johnson]

Hi there, I recently sold a home and have about $20,000 to use towards an investment property.  I was looking at a recently rehabbed 8-unit property going for $310,000.  2 bed, 1 bath each currently renting at $550-500 each.  The property comes with another 8-unit property that needs a total rehab estimated at $170,000.  I make about 60k a year, credit score in the low 700s and that 20k is all I am willing to invest toward a property (and that includes any type of closing costs, appraisal, inspection, etc...).  What is the best way to approach a seller about financing this?  Do I need to look at getting the seller to finance the down payment and then see if a bank will finance the remaining 80%?  I'm honestly not sure if a bank would even qualify me for that 80%.  Or should I request financing for a year and then try to get a bank to qualify me for the remainder at the end of the year? If anyone has any suggestions on the structure of this deal or how I should approach the seller, I would appreciate it!