@Josh Pryor See if the seller will consider holding the note (seller financing). If the owner's main concern is it being a hassle, seller financing it to you would still allow them the opportunity to earn steady income off of the property. It can also give you some time to build up more capital and you can plan for a balloon payment in 5-10 years where you'd be refinancing with a bank via a conventional loan.
You can do a subject to deal and have him deed the property in your name. Meaning he keeps the mortgage in his name but you own the property. You start making the mortgage payments technically but the renter will actually be paying you and the you pay the mort. The difference is your profit.
If you want to fix and flip or buy and hold use hard money or a private lender. If the deal has enough equity the lender will pay for the repairs and you can sell it for the comparable properties in the area if the market has the demand.
@Josh Pryor Seller financing is a great way to go, but most of the time a hard sell. Make sure to review/listen to a podcast or two that tells a successful story of receiving owner financing.
If you can't capitalize on that, you could always find a partner that puts up the down payment and split the ownership of the property and the cashflow however you seem fit (50%-50%).
If neither of those work, you may be able to wholesale the deal.
If nothing above applies, its most likely a deal that should be relooked because its not very attractive. Regardless, passing off a good deal to someone in your network is a good way of building on a relationship- and finding a solution for everyone involved. (though short-term you'd be better off finding a different approach)
Thank you everyone. After further research and then me to take a drive and see this property in person, it’s a C-D rated property and the seller seemed to think differently. It’s a pass for me as the numbers were close but after seeing it, would be a hard task to profit much at all if any. Great advice though and hope to try seller financing in the future.
If it's a good enough deal, get an 80% bank loan and ask the seller to carryback 20% for a certain amount of time.