How to construct this deal..Any thoughts

[Alex Langerhorst]

Hey People,

I met this guy that wants to get rid of his property (for what he owes) and i'm a little lost on how to structure this deal. I just bought a multi (2) family myself last year July so i'm very cash poor but i would like to take over this property.

The seller:

Seller owes 226k

Market value: Between 275K- 300k

Mortgage 6% (Conventional loan)

Tax: 14k, Insurance 1,5K

The seller is current with all his bills.

The rents are below market value and will cover mortgage, tax and insurance.

The seller is open to any creative deal.

How can i structure this deal so i don't have to put cash down and eventually refi the mortgage to get a better rate..

Thanks!

Alex