really creative financing needed

[Rebecca Bean]

Hi maybe someone here can help. I want to buy a house I cant get a loan. The owner would love to do a wrap around for a few years. However he is upside down because of the dreaded PMI
His payment on this EMPTY house is 2500. I can only afford 1600. a month. Would it be possible to put 16,000 to 24000 in a account with 7-8 hundred added to my payment each month? until I can get my own loan? I believe this property is a good investment as it is waterfront. Although it needs work & I can live in it unless I do some work. The owner paid 260,000. 2 1/2 years ago. I believe he got 6%. Hes asking 279,000. neg ( he has a realtor) but he showed me the house hisself.Anybody ever done anything like this? Anyone?