Whats the best way to fund this deal?

[CJ S.]

I was presented with this offer and would like some input. It is my first property and will help me jumpstart my investing career.

It's a duplex in Stockton, CA.

The property is valued at $280k

The owner is willing to selling it to me for $250k

The owner wants $100k and will carry the paper on the remaining $150k @ 3% for 15years with interests only payments ($375)

       Current Expenses:

Property Taxes $1330 Yearly San Joaquin County

Dwelling Insurance $976 Yearly

Water $130 - $160 Monthly California Water

Sewer & Garbage $130 Monthly City of Stockton

Self Cert Mnt Insptn $205 Every 5 yrs City of Stockton

Front Yard Mowing $45 Monthly Parra Landscaping

Total Yearly Expenses $6,126 Yearly

Monthly ($515)

Total Income $19,200 Yearly

Monthly ($1600)

Rents are $800 per unit, both units have long term tenants in place, but the market in that area is $1100 for a 2Bd/2Bath.

I would like to know from some people who have more experience if this sounds like a good deal as well as ways to come up with funding.

What are some ways I could get the $100k?

My plan is to get it cashed out refinanced within a year or year and a half and hopefully have money left over to BRRRR into another property and continue the train.

Thanks for any input and recommendations. I appreciate it.