Possible Owner Carry

[Jonah Slove]

Found a FSBO SFR that the owner is selling 100k, or so, below market value. He sent me the appraisal from 6 months ago for $370k and CMA's are around $350k. He is asking $270k with the agreement that he can continue to live in his camper trailer on the back portion of the lot for 10 years. If I sell the property before 10 years I own him $10k per year.

The property currently rents for $1700 with a long term tenant who wants to stay, and he hasn't raised rent in 2-3 years. How does this sound?

I have cash and HELOC available to make this a cash deal and was pre-approved with 20% down. What other options make sense? I would like to pull most of my cash out ASAP. Would a hard money lender loan 75% of the appraised value? If bought with cash either mine or HML is there a seasoning period or could I cash out refi ASAP? What other options are out there?