Offer accepted on apartment buildings...now many questions

[Brenton Tigner Jr]

Greetings all, I just got accepted on a 16 unit apartment building and about to finalize the LOI with basic terms. The numbers work out to a 10 cap. In regard to Cash on Cash return, the seller is will to carry financing on a portion equal to the down payment a finance company would require. My question, can the amount the seller is willing to finance be considered the down payment in which case there is no out of pocket? Or do I have this concept misconstrued?

Additionally, 2 of the units were damaged by fire and have since been gutted and rebuilt and inspected by a civil engineer per the seller. There is more detail, anyhow I made the sell price contingent on the 2 units be brought to rent ready status..Is this the best move or should I buy as is and ask a reduction in price...having the units finished up myself as a value ad?

Thanks,

nervous guy