Hypothetical newbie deal

[Greg B.]

Hello everyone:

I have pretty good credit but saving for down payments is brutal. I need advice or a lesson on how/if this would work. I'm simply looking for the pros and cons (mainly cons) in funding a deal. 4-family in good shape, reasonable updates, fully rented. Assuming mortgage is low enough, would it make sense to get a "hard money" loan of 60% LTV with the seller carrying back the remaining 40? Credit is fair/good so my exit would be, at the very least, refinance the "hard money" ASAP (less than a year hopefully). Lets say the property cash flows pretty good with a hard money of 12% and a seller at 10%
Is this something that can be done on a regular basis without getting onesself into trouble?

Thanks for listening