Creative ways to buy large multifamilies

[Chris Wyche]

I'm looking to buy an apartment building/community with using mostly seller financing. For example, if a property is offered at 1,000,000, I would offer the seller full price with 100% financing, making interest only payments for about a year or so while I raise the NOI enough to refi at 75% and give the seller their $1,000,000 with the cash out. Has anybody had success in structuring a deal like this or something similar?