Beach House Purchase/Airbnb

[Dave Madoch]

Hello BP

Each year my wife and I come to san diego as we are comic con vendors. This year was no different even though the show was canceled as my company already paid for the beach house we normally stay in. The house is 3 bedroom 2 bath with an attached garage apartment in which the owners live. The owners are an older couple and are interested in selling the property with contingency they can stay in the apartment for free. I told them it would be very difficult to find a buyer to agree to this especially at the $1.5M price tag.

I am trying to find some options to offer them to purchase the property through owner financing. She already said they would just want a small down payment around $50k and $6k/per month cash. The property is 1 block from the beach so the rental rates are pretty high($300+ per night airbnb) and probably $5k for a long term lease. I know her $6k goal would not happen in this case. 

My end goal would be to have it kind of as a time share for us and maybe 2 other people and then rent out for the rest of the year. 

Has anyone ever done something like this or have any suggestions on structuring some kind of deal with the owners?

Thank you for your input