Should I buy a FSBO commercial property that has a wrap loan?

[David B Garza]

I found a large property that can be a great investment opportunity. It is for sale by owner, but my realtor told me that the owner has an existing wrap loan on it. Now, the owner owns a nice church next door. And the owner specified terms that I feel are pretty high. This property needs a lot of work and has been sitting a long time. I feel I can negotiate the terms based on the condition of the property but should I be concerned about the existing wrap loan?

Or can i negotiate even further in my favor because they do have a wrap loan.