VERY Newbie Question..is this even possible?

[Kathy Green]

I currently rent (as in I AM the renter, living in the home) a 3B/3b attached home. We have had some plumbing issues and the kitchen ceiling has been removed, treated for mold etc. Not replaced yet by the owner. Also only 2 of 3 toilets work because of older plumbing issues. 

Needless to say, this place needs repairs.

The owner said he can no longer afford to manage the property and gave us 60 notice so he can sell...I assume to cut his losses (and headaches). However, he is fairly cheap and I think he will take a unique deal if it benefits him. I would also like to benefit from the following deal as well.

SO.....here is my idea....I am NOT a real estate investor but this situation has me thinking outside the box because moving during covid with 3 children doing distance learning is not ideal.

Please tell me if my following solution to this situation is feasible, or if I am way off or missing something.

1. I obtain a hard money Fix and Hold Loan and purchase the property from the owner. It would be under market value for sure because finishes and fixtures are old AND repairs are needed.

2. Once he agrees and we close on the property - we fix/update (while still living on site) and refinance. It would be owner occupied (by me) indefinitely and I can rent or sell for a profit in the future.

Questions on what I have proposed:

1. Can I get close to 100% financing using this type of Fix and Hold loan - without using my own credit OR income check?

2. How would I go about this? Is this even feasible? I have a lot of friends in the mortgage/finance/real estate industries I can tap for information/help. But I don't exactly know where to start - particularly to make this deal happen with the current owner/landlord.

I know that it can be a win-win because I know he wants to cash out and not deal with rentals anymore (especially this one that needs repairs). It is a win for me because not only do I stay on the property (don't have to move my family) but also can turn it into a profit at some point.

ALL ADVICE is welcome on this question...I am a total newbie in hard money lending /borrowing and want to do what's best for my family and situation. Thanks in advance!