How to Structure an owner financed deal?

[Will Jimenez]

Have an opportunity to buy a property which ARV is between $85K and 90K. Seller has a HELOC of $65K with payments of $645 a month. The house needs approximately $20K worth of renovations and I believe I can rent it for a minimum of $1000 a month with some minor repairs/upgrades.

Here are my thoughts:

Offer $65,000 with a down payment of $5000 and a monthly payment of $400. 

What does everyone think?

[Samir Shahani]

If his HELOC is $645/mo , would he accept $400/mo?