Advice on negociating land contract

[Dustin B.]

I am trying to obtain my second rental property and was wanting to do so through a land contract to avoid having to put 20% down. The property is a fully renovated sfh and they are asking 125000. The property is fsbo and they own it free and clear. I would be able to get 1200 a month for rent and my idea was to negociate a cfd for 2-5 years until I had 20% equity in the property and refinance it with a local bank. I have already spoken to my lender and he said I would need 12 months of documented payment to refinance the property. I would just like to know is this a feasible idea or a long stretch???? Any advice or tips on negociating the contract would be much appreciated!!!

Details on this property again are:
Asking price 125000
Fmv 130000
Taxes 3500
Insurace 600
Market rent 1200-1300

Thanx,
Dustin