Education for future winners

[Rodney Dixon]

I'm looking for some pre-knowledge on creating a winning seller 2nd offer in a no money down deal. That said here is an example figure:

$100k purchase price.

Seller willing to carry 40% ($40k)

HML offers $70k(70% LTV)

Property produces $1100/mo PCF(after taxes, insurance and property management)

My offer:

1). $60k paid at closing to seller w/remaining $40k shall be paid in equal monthly payments toward seller 2nd.

2). After a refi occurs 12 months later, seller shall receive another lump sum to further pay down on seller 2nd and monthly payments to seller shall continue until paid in full. 

3). No inspection necessary close in 7-10 days.

4). I pay closing costs.

Furthermore, could I pocket the difference between the 60% I offered to the seller, 70% the HML quoted for the deal, including closing costs?