$1 million opportunity?

[Russell Santos]

My goal other than Wholesale is to house hack via multifamily. I've been networking for some time now and a co-worker of mine noticed my "we buy houses" car magnet and told me about a property he and his girlfriend inherited. It's a triplex and he always gets people knocking on his door to purchase his property for $1 million. The property is in a great location, taxes are $12k, basement is not finished, last updates were 7-10 years ago and currently has tenants upstairs. He doesn't want to sell it to other investors, but would rather get me into the deal because he knows me and not the other people. He doesn't want a lump some of money and is looking for a cash flow with an intention to sell I believe. His motivation seems to be that he knows that the property has great potential, but he knows that he won't put the work in the property himself, that's why he's approaching me. He doesn't know about seller financing or lease options and this property meets my criteria on living and renting the units out, which might rent for $6k per unit based on the location. I may have investors that would want to partner on the deal, but so far I've met people who are only looking to fix & flip.

Is this deal too much for me to take on? I'm doing my best with thinking of creative solutions to acquire with opm, rehab, and rent to tenants while the seller is receiving their cash flow. I even thought about possibly partnering with him and manage the property, but I feel I need more skin in the game. I've also thought about getting the property under contract to seller finance and wholesale the deal, but I need to let him know what I'm planning to do, so he knows. Plus I really want to live in the property. Any advice would be greatly appreciated.