Seller financing ideas

[Mykel Potter]

Hey everyone, new to BP, I came across an opportunity and I’m hoping to get some advice on a solid approach

I came across a seller whose planning on selling their multi family in a few months, with the plan to rent from the new buyer. They’re afraid to sell and not have a place to stay OR pay high rent ( 5 bedroom unit) I’m hoping I can work these two angles to make it in their best interest to do business with me by renting to them for 12 months and possibly even splitting their rent portion and taking it off the back end or towards closing? 

my credits about 40 points lower then needed for a loan, and I just had to dive into my savings for car repairs and renovations at my four family. I’m hoping I can get help creating a deal with the sellers to get this property off market at around 220-240k they owe 160k on it now. 

Thoughts?

[Scott Wolf]

@Mykel Potter, if the owner still owes $160k, I don't think that seller financing is a possibility.  You may be able to do a subject too, where you take over payments of the mortgage.