Does BRRR Work with owner financed homes?

[Ashley Janulis]

Ok so we were going to buy a house w a 203k but the deal fell through. We bought another house. But now I’m looking into purchasing the house as a vacation rental. When we did appraisal previously it was valued at 55k as-is with projected 104k after Reno. 

Owners are offering 55k with 5% down 4% interest over 7.5 years. 

House needs 20k in work. 

I have fair credit but I can partner with someone on refinance with higher income/better credit. 

Does this sound like a good deal?