Seller Financing a Home with an Existing Mortgage?

[Kesete Thompkins]

I need your help on thinking through strategies to acquire a property via seller financing that still has a conventional mortgage on it. I've heard of wrap-around loans and situations where you take over someone's payment directly to the lender, but I'm not sure if that's the only way to get this done. Here are some particulars on the property:

• - 3bd/1bth SFH
  - Currently vacant and needs work (amount unknown)
  - Seller wants what's owed on the property
• - Would receive market rent
• - Good equity

Based on my analysis, this is a can't miss deal and I want to be creative with how I acquire this property. I've used seller-financing before, but never with a traditional mortgage. Any ideas or strategies would be helpful. 

Thanks in advance.