Possible/Legal "wholesale" of commercial property?

[Craig L.]

Here's the scenario. 5-unit house listed for $180,000. Cashflows nicely at that price, even at $200,000. Don't have the capital to put down 20% on your typical commercial mortgage, and the seller doesn't want to hold a note for 10% to get into a 80/10/10 mortgage. Since it is still a good deal at $200,000 I am considering doing one of 2 things:

1) Offer $200,000 and seller carries back 10% at very low rate. Seller gets $180,000 that they were asking and an extra $20k note they weren't even asking for.

2) Offer $180,000, then wholesale (double close?) it while under contract for $200,000 offering the buyer only 10% down and you will carry back 10%. Use the buyer's 10% down and extra $20k difference in escrow between the purchase prices to buy it from the initial seller without any of my own money. Sell it to the second buyer, carry back a note for $20k essentially for nothing.

Anybody done this or heard of it done? Is it feasible -- legally, lender-wise?