multi unit - rent to own

[Aja Yasir]

I'm interested in buying a 20 unit- great cash flow, up and coming area, close to beach. The sellers are elderly and their son is handling the transaction. The sellers had the property on the market a year ago but it didn't sell. They were asking 600,000. It has a balcony that's very dangerous and is a huge liability. Estimated repairs of balcony =300,000. The sellers took out a mortgage on the place a few years ago for about 272,000. So they wouldn't make any money with the sale of the property because they're willing to wrap the cost of repairs into the sales price. I don't have $300,000 for repairs. I was thinking about looking into a hard money loan for 300,000 and do a rent to own with the sellers. Not sure I'd qualify for hard money though.  Any suggestions on how I should approach an offer?