Can this be done if I cant get funding

[Devin Best]

Hello BP,

I have been trying to close a deal on a property that is operating as a group home. There is a mortgage on the property of 208K and the lenders that I was approved with will not allow a second. The seller will agree to hold a second if I can get funding to pay off the mortgage and he leave the table with 20K. The property is generating cash flow of 5-10k depending on the residency of the clients. I was thinking since I am having trouble getting financed could the seller take a equity loan and I take over the payments to have control of the property and if so how can it be done? Any insight on this deal will be appreciated.