6 plex Deal help!

[Jennifer Dean]

I would love to get some feedback on a deal I am trying to put together.  The deal is for 6 units with a purchase price of $700,000 - rent totals $6095.  

The NOI is $4735/month and $56745/year.

The cap rate is about 8.12%. Usually I look for a little bit higher cap rate, but due to the fact that he is open to terms, I am willing to compromise too.  

I am trying to put a deal together being creative and using seller financing and using a lien on a property I already own instead of a higher down payment.  Basically I would allow a lien to be placed on a duplex I own- with about 90-100K in equity, for his security instead of a high down payment and also be putting in my real estate agent commission (about $20K) towards a down.  

We would do a short term of 3-5 years, so that the property could be shown as income producing on my taxes in order to get a loan on it.  Due to the debt-to-income restrictions, I don't believe I would be able to qualify for a loan on a property like this in this year...  

What I'm wondering is if it would be worth it to place a lien on my property in lieu of a high down payment? What would be the draw backs?  I wanted to see if anyone had feedback on if this deal is worth pursuing?  Are there ways to combat the debt-to-income ratios for loans as I seek to acquire more properties?

[Jonathan Makovsky]

@Jennifer Dean My comment just relates to the numbers of the deal itself (which I don't have much information on, nor do I know your area, the age of the building, or other important factors). However, with that being said the Operating Expenses looks light compared to the Rent at only 23% ($1,360/$6,095).

It might be completely justified if taxes are low, the building is new, there are no/low vacancies (which I am not sure if you took PGI/EGI into account), etc. 

However, a 23% OpEx ratio sends red flags to me.