Creative/Seller Financing Question

[Andrew Kata]

Hello all, I’ve been trying to find an answer online but no success. I figured with all the wisdom in these forums, you all would be a great resource to this answer this question. 

I have an opportunity to purchase an STR through a family member. It's my grandparents' home. They own it free and clear, no mortgage on the property. I'd like to do some creative financing. My grandpa is 86 and my grandma has dementia and has to go into a skilled care center. This, he needs the money from the sale of the home in his pocket as opposed to monthly payments from "traditional" seller financing.

Is there a way for us to work this deal where he ends up with the lump sum purchase price and I’m able to get favorable financing terms and a lower down payment?

Let me know if I’m being unclear or you need more info!