Owner financed BRRR??? Such a thing?

[Michael Jones]

I need help analyzing a deal. Here's the situation:

A home is being purchased by an investor for about $70,000. He's committed to closing, but has since found some other deals he wants and is looking to free up cash. The house needs $12,000 worth of work before anything can be done with it, rented, sold, etc. So that puts them out of the roughly $11,000 for the down payment and then another $12,000 in repairs. The house will easily be worth $105,000-$110,000 when finished and probably rent for around $850. I just purchased a house so i'm cash poor. I'm not familiar with the BRRR strategy. How could we make a deal that would be beneficial to the both of us? Maybe some kind of owner finance??? Me take possession of the house so he's not out anymore cash and he can start generating some income? I could use a HELOC to fund the repairs and get it rented. I'm guessing his monthly payment is around $456. How would everything work if we maybe agreed at a sell price of $75,000 and payments were based on no down payment and say a .5% higher interest rate? How exactly would a deal work if we were to agree that in a year the house would then be sold to me and everything transferred to my name? Would i be out the $12,000 in repairs as well as 20% for a Fannie loan? Or could something work out where there could maybe be some kind of cash out or something? Any ideas or other creative ways of making something like this work? Thanks!!