Purchasing with no money down when the seller has 100% equity
So I'm looking for some advice on how to negotiate this deal. I have come across a seller who has no mortgage on their investment property, lives over 2 hours away from the property, and is fed up with renting, and just wants to sell and move on. They have no mortgage on the property, and would entertain seller-financing.
For me - I would like to buy and rent it to somebody for the cash flow. I do not have a lot of cash reserves, and can not afford to carry a mortgage on the property. I would like to try and negotiate a sale contingent on me getting a renter in their before purchasing. I like very close to the property and would have no problem showing it to tenants and screening tenants. I am trying to hedge my risk as much as possible.