First Creative Finance Deal - HELP!

[Lisa Henrich]

I'm currently looking at a property that is in my targeted investing area that I could get for roughly $20k below market value. It's worth about $120k. I could probably get it for around $100k. My intentions are buy and hold and rent it out. The owner has roughly $50k left on his $70k mortgage @ 4.25%. He offered to let me take this over but he still needs the other $50k equity and didn't seem to be open to the idea of seller financing this portion. I'm trying to not use my own money but I also don't have any friends or family who would want to participate in financing. Any ideas on how I could come up with the remaining $50k? Also, taking over the mortgage would obviously be a Sub2. Should I be concerned about the note being called? If I use the proper channels and structure the deal appropriately with a real estate attorney, is this still a concern? Has it happened to anyone here before?

The property would rent for $1000/mo

Taxes are roughly $230/year

I would like at least $100 in cash flow. Any help is greatly appreciated!

My questions are:

Is this "deal" too muddy to enter into for my first creative deal?

Should I be concerned about the Sub2?

How could I finance the second 50k?

How much cash flow should it generate being a SFH in a great neighborhood?

If expenses = income, is it still worth it for the immediate appreciation?

Thank you!

[Wayne Brooks]

If you finance the other $50k, you'll probably have $700/mo. in loan payments.  No cash flow.