Deal Strategies - Need Help Structuring a Deal

[Wesley Williams]

I have a multifamily building that I'm looking to purchase. It's in bad condition and I estimate the property to be worth about $260K currently. The owner took out a mortgage a few years back at about $280K (before they let the property go to ****) and wants to sell for $300K. I'm sure I can get this sale price down to $285-290 - she just wants to bring no money to the deal/break even. I estimate repairs to be $45-65K. ARV is at least $370K (really closer to $380). This is an awesome cash flow opportunity for me so I want to make something work.

Any thoughts on how to structure this deal? I know the owner so I have a lot of flexibility in how to approach this deal.   

[Greg Scully]

@Wesley Williams - Community bank financing comes to mind.  They are more likely to recognize the future upside.  I would also try to reach out to whoever holds the note now.  They have already approved the property once.

Not sure if owner financing is an option.  The existing lender may not allow for a second position.