Not COMPLETELY ready, but may want to pounce if it's right

[Amy Smith]

An 11 unit Mom & Pop just came up for sale right around the corner from me (3 old buildings, converted to MF, stay fully rented with rents under market for my town). The couple were owner-operators for a decade. The wife recently passed and the husband wants to liquidate. 

One question I have is about loans because I thought our tax guy was doing us favors by helping keep our income "low." Then I heard at a MF event last year that a lot of people think that, but this will prevent you from getting loans (duh) when you need them. So tax-wise, getting our income to reflect something that allows a loan is in the works, but obviously right at this moment, I don't think I could get approved for 550,000. So one question would be - is there a traditional loan option where this would be possible? Perhaps taking in to account the value of the property & it's cash flow, etc.? What would that be?

My other question is about the best way to approach the seller for owner-finance. I feel like this might be a good option for him if he just wants out from under the self-management headache. If I decide to go that route, what advice do you have? Does anyone have experience with this? 
Thanks for your help & support!