Buying method - could this work?

[Sam Tidwell]

This is my first BP post!  I am looking to buy rental property in my city (Cincinnati, Ohio) - single family or apartments, anything that is a good deal and will provide passive cash flow and equity.  I have a way that I think I could buy these using none of my own cash.  Could this work?  If not, please offer suggestions!  Here's my idea:

I want to have the current owner of whatever property I buy do a cash-out refinance on their existing loan up to an agreed purchase price; then I want to assume the new loan.  This would basically be the same as me paying them cash since they cash out and then give up the debt.  Can I do this?  Would it just be hard to find a bank who would let me?  How can I get a lender to look at the property and not at me?

Maybe I should just start a bank and lend to myself.