Owner Financed 8 units with No money down

[Stratton B Brown]

I am looking at a deal here in Fresno Ca the rents are low at about $500 a unit the complex consists of 8 units total 2 2/1 the rest are 1/1. It is in a C-D area where the rents for a 2/1 should be somewhere around $700 and the 1 bedrooms should be around $600+

My purchase price would be $450k

with 6% interest.  When everything is said and done there will be negative cash flow until we stabilize the property.  How would you structure this deal?

My Idea is  

$450,000 Purchase price

6% interest 

7-year balloon 

Amortized over 30 years

Principale only payments for the first 6 months 

then It would be a normal payment schedule.

With this offer, there still is not much cash flow left in the deal.  I would love to get some peoples opinions on how you would take this bad boy down.