Creative financing for multi family

[Corey Owen]

I am looking to purchase an 8 unit apartment complex and recently was given what I believe is an excellent idea how to purchase for no money down.  The problem is that I don't fully understand how to do it.  The suggestion I was given is to ask the current owner deed the property to me and hold the note for 60 days.  Then I can apply for a refinance loan instead of a purchase and as long as the appraisal came in 20% higher than the purchase price I can pay the current owner asking price and be in the apartment for none of my own money.  He said to structure the note so that the apartment reverts back to the original owner if I can't get the loan.  The theory is that they are not at risk of losing anything but the 60 days I have to secure financing.  I risk nothing other than the cost of the appraisal because I put nothing down and the deed simply reverts back to the original owner of I can't secure funding.  This sounds like an awesome idea, but I don't understand how I take possession for the 60 days to apply for the refinance without putting the sellers at risk.  What kind of documentation do we need to do to do this properly?  Thanks in advance!