Owner Financing Help

[Nick Williams]

Im currently renting a waterfront duplex in a prime location on the water near the the airport. I run B&B business out of it and it is very successful. It is owned by an older couple in their 70's who want to sell it. They owe 280k on the home and it is valued at 750k. Im trying to find the best owner occupy financing to buy the home with as little money out of pocket as possible. My FHA loan is already tied up in a 4-plex and either way the FHA lending wouldn't work for that dollar amount. There is a local credit union that offers 3.5% down for up to 500k and state program that offers 5% down on up to 950k. I don't have sufficient funds for the 5% down and the six month reserves on all my rental properties which is required.

I need help/advise on structuring a partial owner finance and conventional financing to acquire the duplex with as little money as possible or possibly additional money in pocket at closing. Trying to find a way to put this together so it is a win win for both me and the seller. Any help/advise is greatly appreciated!