RV/Boat storage Fayetteville, NC

[James C Clark Jr]

Hello Bigger Pockets family,

To make a long story short I came across a potentially great deal in my search for properties to buy and hold while driving for dollars.  Talking to a seller who had a small property for rent on 8+ acres of recreational land we determined that he didn't want to sell the property/land for anything other than market value, but we continued talking.  It became clear that the owner of the land was interested in seller financing the land, and also lending the down payment of the start up costs for repayment through income and equity split.  His why is because he is older, doesn't want to create an estate just to have a lot of it go to taxes, and wants his wife to just get a check in the mail if he were to pass away.  

I've done some analysis, research, reached out to steel builders, and contacted the sba for a 504 loan.  After all of that I have determined that a RV/boat storage would be a great way to start up in the area due to the high cost of steel at the moment and there's a demand for it in the area.  I'm currently ordering a survey to submit to steel builders/storage builders to get quotes on construction costs, and after that submitting a special use permit for the land (The land could also be used as a RV park in it's current zoning, but it isn't in the best area for that). 

Here's where I need help.  I'm not sure of the cost yet, but I want to make a few terms for the seller to get the property under contract (i.e. 5% of total cost down, repayment of down payment through income 50% equity for 15 years).  What are some other options I could give him other than an outright cash offer for the land.  I'm just trying to think outside of the box.  He has even mentioned not receiving a payment until the RV/boat storage starts receiving income, and then I could buy/make payments him out of his equity split/pay for the land.  Any suggestions?