tire kickers welcome: please help me vet this idea

[Dory Peters]

I'm looking for positive or negative feedback on an idea that I'll share in a moment. If you think my line of thinking is off, then please tell me. And if you think otherwise, then please tell me that too.

I wrote that disclaimer, because I'm looking for brutal frankness--and nothing less.

I plan to make an offer on an ugly property--that's in a great neighborhood--I saw roughly a week ago. Although I haven't ordered an inspection yet, I can already tell from what I saw that it will need roughly 100K of work. The ARV is 340K, and the market appears to have been flat--rather than declining--for the past 3-4 months.

If I were going for HM, then I'd want to be all-in around 50%-60% LTV, and I'd even consider being all-in around 70% LTV with conventional financing. Nevertheless, I don't intend to seek HM or conventional financing for this property; instead, I'll only make an offer with with 3 options: 1) using 100% seller financing, 2) using 50% seller financing, or 3) an all-cash offer (which of course will put me all-in at 50% LTV).

I have 2 related questions.

Would you buy this property at 80% LTV provided you could get the following terms: fund the deal with 100% seller financing, abate/defer the payments for the first 3-6 months, get a minimum appraisal threshold (120% of the purchase price [408K]) guarantee, and do the deal with split funding (finance 150K to 200K amortized for 30 years, and pay the remaining 130K to 190K after the appraises for 408K)?

Would you buy this deal wholesale?