Strategy - Seller Financing (Partnership and Debt Structure)

[Natasha Savage]

Buying Mixed-Use Commercial Project. 

Books are pretty bad, but could begin to double occupancy w 8-10% of purchase price and a few months even. Seller and I get along, great potential partner, we can meet our minds easy, but she doesn't want to lend to me since the income is $3k some months and she doesn't think I'll be able to make the payments always and she won't want to deal with foreclosing (she's got a soft side). I didn't push further there at the time as I have a hard money fund offering me 90% LTV and am talking to them to see, but I am trying to come up with other strategies to just try again with her. To offer some sort of partnership so she can keep some equity as I make improvements and stabilize occupancy - currently she has it at 25% through pretty much hiding the place and answering the phone and half-managing it. She's just tired, I understand. There's about $50k in improvements to be made at least. PP is $850k. GPI is $669k, currently netting $79k but books are a little more negative looking than they really are. I have $100k and can double that in a week and maybe triple the following weeks.

1. I heard about some strategy where you put nothing down and offer seller 25% equity. You apply for refinance loan to rehab and then liquidate together and they get their asking price + 25% of profit, from what I remember. 

2. Any other ideas for structure? Just trying to think up options to run by her for partnership or in structuring the debt. 

Thank you for your help! I appreciate it. :)