Financing first rental

[Scott Dack]

I am looking to break into rental real estate. I have a family member who owns a property outright and is willing to sell it to me.

The current appraised value is approximately $60k. My relative and I have agreed upon a price of $25k assuming the rehab/updating is $10k or less. The family member is aware of the $60k appraisal and is selling to me on a “family discount” to get me started in investing real estate.

I don’t have $35k laying around...the family member is “more than willing” to go with seller financing if needed.

Any ideas on how I can make this financing work in order to have access to the equity and possibly make this a BRRRR-type situation? If I understand this correctly, a "contract for deed" wouldn't work...?

i have good credit and I don’t think obtaining a mortgage would be an issue for me.

Thanks for any and all help with this!