Looking for help financing an awesome investment

[Steve Novosel]

Hello Everyone, I have been looking to enter into a real estate investment for some time now, and looking specifically at cash flow properties. My ultimate plan is to have several income producing properties. I feel as though this is the best way to develop long-term wealth in real estate. Recently I have come across a property currently rented by a group of tenants in a growing college town. The landlord is fed up with the tenants, as they usually leave the dwelling in a dirty state (the house is in a college town, so this can be expected). The tenants are part of a fraternity and so the tradition of renting the house has become a year-to-year thing. I have spoken with the landlord about obtaining this property, and he wants well over what the property would actually appraise for, so I don't believe that a mortgage is in the question. However, he mentioned that he would not be interested in an owner financing option as he probably wants his return immediately after selling (stubborn seller- how original). The property is a diamond in the rough, and having gone to school in this town, I know the potential of owning this property 15 years from now. What options do I have? I don't have the capital to purchase the property outright, or even put money down on a mortgage, and I don't believe the seller is willing to finance (though this could change after constant follow ups). The first question I know I will get is "why would you want a property that the tenants are unruly?" Having gone through the financials of the property from top to bottom, including principal, taxes, insurance, repairs/maintenance, and utilities, I will make a profit- and that is assuming a relatively high repair/maintenance cost. Essentially, after having calculated the investment, I have concluded that it is absolutely worthwhile. But how do I get in it? Any suggestions will help and I appreciate everyone taking the time to read this.