How would YOU structure this deal as a 1st time investor?

[Antonio Garcia]

I met a landlord through searching the public records on pre-foreclosures. We started a dialogue about her potentially selling me a residential property in her portfolio. This property is a 3/1 1036 sq ft according to public record and is found on a large lot next to Orland's largest shopping center. The property is zoned for commercial use so lots of upside there if someone wanted to start a business, like myself. 

It is in a great location and seller said property was renting for $1350/month. She had to evict bad tenants who weren't paying and now she has found herself with a run down property. I have offered to help restore the property because I own a landscaping company and I am beginning to become skilled handyman. I know of a professional who could assist me with Drywall, Paint-Interior/Exterior, Plumbing, Windows Fencing, etc.

I do not have any money to invest in this deal, but I have the time and the hustle to make find a way to make this deal work for the both of us. The property is not going to go into foreclosure. The owner's long term plan is to fix property up and use it as a rental. I asked if I could live in the property and maintain it and she sent me over a rental application to apply. My end goal would be to own this property as a buy and hold because the Orland,Ca market it appreciating and the demand for quality housing is increasing. 

Possible garage conversion could add another bedroom and average market rent could be $1600/mo with an estimated $45,000 rehab budget; very conservative. I believe property is worth $100k-$110k in its present condition with an ARV of $220k.

I want the experience more than I care about the money. I want to add value to this landlords life and turn this into an opportunity for the both of us. If I offer 100k and use seller financing and bring in $45k of private money for the rehab, How can I refinance and pull my money out if I am a self-employed person with only 1 year of tax returns? My end goal is to get into multi-family investing, so would you further investigate this deal or move onto something larger? Thank you and I look forward to getting everyones input!