How to Buy Triplex with owner still wanting to live in it

[Bryan Lee]

Hi everyone.  I've had a potential opportunity come up but I'm having some difficulty with structuring a deal for it.

A bit of background.  I moved into a Triplex in Montreal about 4 months ago, as a renter.  The landlord is an older gentleman of 80 years of age, who lives on the main floor of the building.  We have the top apartment and there is another older lady who lives in the basement unit.  A few weeks ago, we received word from the real estate agent for the building that the owner was looking to sell it.  He's having trouble keeping up with the land lord duties and has been leaning heavily on his daughter to help him.  According to the agent, our landlord is looking to sell the building but wants to remain living in the main floor apartment.  We've had two prospective buyers come through the building already.

When I heard about the sale, I instantly thought "What an opportunity." and then I started thinking about what I could offer.  We don't have the cash for a down payment, having just uprooted our family and moved  to another country, but I thought that I might be able to offer a seller financing deal.

So here's where I would like some advice.  The landlord selling but wanting to remain in the property seems awkward.  I'd be collecting rent from him and then paying it back to him with the seller finance idea.  Am I making this more difficult than it needs to be?  Has anyone else been in a similar situation?  

Thanks,

Bryan