Financing for a win win

[Austin Cooke]

I'm currently renting the top unit of a 1900 duplex. My landlord lives in the unit below. Saying he's strapped for cash is an understatement. He wants to sell me the house and I really want to buy it. The house hasn't been maintained properly for years and is going to need A lot of work.

Ive gotten approved for $200,000 standard 203k loan and $250,000 fha laon.

I believe

ARV: ≈$200,000

Repair costs: ≈$70,000 ( contractors coming out next week for bids)

Potential rent: ≈ $2,000 a month

Given:

Wants out of the house asap

Landlord has no to little income.

Health problems gives him a small amount of disability

Owes about $90,000 on his mortgage.

Needs a place with less steps and easier to maintain.

This would be my first investment property, buy and hold rental.. I'm new to creative finance but understand how most of it works. Just not how to sculp a deal using it for a given situation. Should I use some other forms of financing other than the 203k? I do not have $70,000 for repair costs which is what took me to 203k.