Financing new deal using equity from other properties

[Brian Oberholzer]

I'm after a motel in need of fixing up. Selling for about 550k, 11 units that can be expanded to 14 units, 5400 sqft total on a prime downtown 1/4 acre C17 lot. With 70k in rehab could be a 800k motel, reserving rooms for $50 nightly Oct - May and up to $150 June - Sept. Or rent weekly force 1k per week. Great cashier flow but no financial records due to previous owner running it as a non profit, sorry selling as non performing asset. But other local motels make good comps. Banks saying no since its a non performing asset, plus my credit is extended. However I could do 10-20% down plus use (if possible) equity from a 500k value multi unit that I owe 225k on. I'm told there is a way to ask the seller (who's carrying the loan) to take a second position, along with a second on the new motel property, to let new lender come in first by refinancing or cross collaterlizing the multi family? Also I'm not too happy to hear commercial appraisals run $3000+. Seems ridiculous and hoping there's a way around that. Properties are located in Coeur d'Alene, Idaho.