How would you structure this deal?

[Nick Watkins]

I found an 8 plex with 7 extra acers approved for 70 more units. They were asking $400k and I casually offered $240k and was told they would work with that number. I talked to a few commercial loan officers, and they want 20% down so 50k but the owner is willing to hold back part or all of the loan and I have heard of low or no money down and my ? Is if they hold the loan do i still get tital? Can i refi out of it because they dont wish to hold it for a long time. If you have ?s that i have not answered please let me know.

Thanks,