2nd Position Mortgage Financing

[David Roe]

$85,000 property for sale with great cash flow, I have $10,000 but it's not seasoned in the bank. Local bank will do 25% LTV making needed Seasoned cash at $21,250. What's the best way to leveage this process? Lets pretend i dont use any of my cash at all...

1) seller agrees to an opperating agreement/partnership where he carries the 21,250 to closing then once closed he gets the full purchase price of $85,000.  And i am left with a 63,750 Mortgage and then a partnership loan of 21,250.  I get the property with no money down and the seller gets 63,750 of the 85,000 then a owner finance type payment on the 21,250....   He will remain on the deed till the 21,250 is paid off then removed from deed on the property.  

2) ???  What are other ways to do this>?