Options for FSBO property

[Dan Kim]

Greetings BP community!

I've received an opportunity to purchase a condo from a seller who is ready to move out, but has personally offered the deal to me. I know the area well and with just a little TLC, the condo would do well as a long-term rental. Before I answer the seller, I'd like to see what my financing options are. Traditional banking wants 20-25% down on a rental property which I do not have, and the condo being out of state for me, I can't use this as a primary residence. Are there financing options (OPM) best fit for this situation? 

Thanks in advance!