FSBO with a Tax Attorney---Any suggestions on owner financing?

[Will Gaston]

All:

I'm looking at a duplex FSBO tomorrow and would love some advice. The owner has had it for 20 years and is pretty motivated. I'd give him a 7 on a 1-10 scale. I like the property if I can get the right terms, but don't want to put any cash into it unless I can get it for 75k. I doubt he will sell it for that low, but he is a tax attorney so I don't think he will be scared off by any creative financing strategies.

Here are the specifics:

-Asking Price:  $150,000

-Estimated Value:  $150,000 

-Current Loan balance:  $40,000  (don't know the rate yet)  

-Current Rent:  $1500 ($750/side)

-Taxes/Insurance per year:  $3800

I own about 20 rentals in the area and I am positive that I can rent it for $1800-$2000 total.  I've never done a wrap before and don't know if this would be a good deal to try that.

 Any suggestions on a way to get this deal done?