I have a deal and want to offer, but I don't know where to start

[Nicole Heasley Beitenman]

Hi BP!

The house next door to mine is for sale. The previous occupant was a good friend of mine, so I've been in the house many times. It was in good shape but outdated. After he vacated, his landlord sold it, and the new owner flipped it. 

I ran the numbers, and it's a solid deal. My vacancy rate in my primary has been 0% for the past two years. 

I think getting this deal is a long shot. I don't have much to put down, so I'm looking for owner-financing. I know most flippers want their money back ASAP. But the worst thing that could happen is a rejection, and I would have the experience of making an offer under my belt, which I consider to be a huge win. The price has been lowered $5k, and it's pushing mid-September. My live-in tenants and I have not seen a single car at that house since the for-sale sign went up. The seller may be motivated to make a deal.

I just don't know how to approach the owner, how to put together an offer, what it even means to put together an offer, or how to present it to him. Any advice? TIA!