How To Structure This Deal?

[Riley S.]

Hey BP community, I'm currently renting a unit in a triplex. After doing tons of real estate research, my end goal would be to buy the property and house hack to live in one unit and rent out the rest. I've already spoken with the owner and they are willing to sell me the property to avoid realtor fees and the headache of on-market listings. They mentioned they still pay a mortgage on the property, but would consider seller financing. No numbers have been discussed yet (amount they owe, interest rates, down payment, purchase price, etc.) I want to know my strategy before getting into the details.

So here's my question: what is the best strategy to structure this deal?

I know they have over 50% equity. At this point, traditional financing through a bank is not an option with current interest rates. I would NEED to rent the other units to afford the monthly payment. I'm hoping to make a deal with the owner for seller financing, but how is it possible if they have a mortgage to pay as well? Hybrid financing using Sub-To and Seller Finance? Has anyone structured a deal like this in the real world? Any help is appreciated. Thanks!