How to Structure a Deal When Seller Wants to Wait to Sell/Move?

[Colin Clark]

A few weeks ago, I sent out my first direct mail campaign to a specific neighborhood where I already have a few SFH rentals. One of the homeowners that called me is interested in selling, but not until next year. He just started construction on a new home, but won't be ready to move out until late spring next year. I offered to buy his house now and rent it back to him at an amount equal to his current payments until he moves out, but he declined. He said he doesn't want to give up a year's worth of equity he would gain. He wants to talk again next year when he's getting ready to move out.

He bought the house for $148k.
I estimate he owes $101k on his mortgage.
I think he would agree to sell for around $175k.
I can pay with cash if needed.

I don’t get the impression he needs any money immediately or for any specific reason, he is very financially responsible.

Any suggestions on ways to structure a deal right now that could be mutually beneficial to him and me? I was thinking of some sort of seller financing so he can see some profit from the interest (and I rent the house to him until he moves), but I’ve never done anything like that before. I don’t want to wait to purchase until next year. Any ideas?  Thanks!