Creative financing question

[Account Closed]

Seller owes 120k on a 400k building 

His goal is cash flow for retirement 

His mortgage is 2,200/month

After expenses he’s breaking even due to below market rents...

should I... do a wrap around mortgage pay his 2K mortgage and make an agreement I won’t start paying for his equity until I get rents up?

OR

Take a mortgage out on his remaining 120k mortgage balance so the new mortgage is only like $700/month have him take a second lien position and immediately start a seller financed agreement since he’d technically have it paid off.