Refinancing 40 unit complex out of a owner finance deal

[Shane Jeanfreau]

Negotiating 100% owner finance deal on a 40 unit complex. The place only has 14 units total rented out at this time. Reason being owner is 80 years old and just kind of gave up on it. Anyway I want to refinance out and pay her off once property is stabilized. Do I still need 20% down to refinance the property. Reason I ask if because I refinanced my 4 plex I owed outright and never had to come out of pocket at all. Any information will be appreciated!