Can I finance this way?

[Account Closed]

I have off market option for SFR in Medford Oregon for 95k. It is worth at least 210k and needs no work done. I asked a bank what they could do for me. They needed 15% down and closing costs.

Is it a common overlay to require a down payment when the purchasing way under retail?

My half-brain plan: 

I work with the seller to add my name to the title (assume they will), have them sign over the rights to refinance (or something similar) then apply for a refinance loan to pay off the other parties HELOC.

I am simply trying to avoid a down payment for a 15 year loan for a rental. Would this work \ worth the hassle of avoiding the 15% down?

Any thoughts? Thanks for reading.