Ideas/Help 4 Creative Deal ?!?!

[Scott Scribner]

Looking for help with a creative deal.

12unit apartment for sale for 250K. 7units occupied. 5 need rehab. Needs new roof (20k) and electrical upgrades, etc.. Building currently grosses 4k/mos and would gross 7k when at 100% occupancy. Biggest operating expense is oil heat at 6k/yr. My central question is financing. Owner is willing to take back 100k note and I have thought of going hard-money route for 150K balance. (I have limited liquidity (10-20K) and although I can do work cheaply, I want to save most of ny cash for materials costs) Owner wants 150k to pay off mtge and other real estate expenses - like agent commission. I've asked agent about possibility of master lease until I can fix issues and finance in a year when its financially stronger. Owner mortgage is likely not assumable. Any other ideas or insight how to structure this? If I took ownership a refi would be easy, but with master lease I'm sure LTV even in a year would simply be purchase price - right? Any ideas? help!