Direct mail success- looking for advice on offer?

[Mark S.]

I just recently got a call back on a direct mail letter, and after calling the interested seller I now have an understanding of what he is looking for, but I would like some advice on how to structure an offer.
The property he owns is a duplex that I believe would appraise for $100k to $110k. He claims that the rents for each unit are $750/mo, but I think that $700/mo is more in line with the area. He owns the property outright, but has a line of credit on his home that he used to purchase it and has $128k outstanding on that. He is looking to get $125k out of the purchase to pay off his line of credit, but does not seem interested in carrying a note on the property.
I would love to purchase this property and am even considering conventional financing, but I would like to minimize the down payment. Are there any other ways that anyone might recommend to structure a deal with this seller?