How to Roll Seller Financed Property into Conventional Loan?

[Brittany Vigneault]

Hey guys, I need a little direction here. Looking at a great condo in a downtown area. Found the same one on airbnb, seems to rent really well and the area gets great reviews. 

Seller is asking $109,000, Up to 6% closing costs covered by seller, 10% interest rate, HOA is very low, and $175 towards principle a month. We have not discussed the time frame yet.

This would be a full time rental property. I’ve already purchased two rental properties this year and don’t want to deal with a bank again right now, for at least 6-8 months so I can get my credit back up and pay off some debt that was incurred with these properties. I make 6-figures at my job and I live frugal so I’m not worried about paying off debt. 

Is there any reason I would not be able to roll this into a conventional loan within 6-8 months? Do I have to have equity in the property?

Does this sound like an okay deal that the seller is offering? Any help is appreciated! I have never done seller financing before. All my properties were bank loans.