Help with 6 Unit Financing

[Nicholas Richardson]

I'm wondering if anyone has any ideas on how I can get into a 6 unit property that I am looking at. The owner says he is willing to either hold the note or help with the down payment on the property. The property is selling for $112,000 but I think I can get it for less than that. It would also cash flow pretty good. My problem is I'm not to sure how to get into it and I am looking to put as little into it as possible. Here are the numbers.

Exepenses:
Water and garbage: $1100 yearly
Insurance: $1150 yearly
*Taxes: $6100 yearly
*Utilities: $6400 yearly
* Utilities costs can be eliminated, by having tenants pay their own utilities and/or adding 3 additional electric meters. I personally divided usage and charged tenants based on estimated usage.
* State legislation passed a tax cap of 2% for landlords, effective 2009 taxes, which means that at a purchase price of $117,000 the taxes would be $2340, not including any exemptions you may be eligble for. Read this link for more information.
http://nwi.com/articles/2008/03/15/news/top_news/doc9e0f636ddd6eee448625740d000dc292.txt

Annual Gross $43,800
Annual Expenses $14,750
Net Profit $29,050

Any ideas? This property is located in the South Chicago area.