Great Opportunity, but short on cash

[Jon R.]

I'd like to pick the brains of everyone on what you'd do in this scenario:

Multi-unit property is up for sale.  Motivated sellers who are no longer in the area, which makes them even more motivated to sell.  Property on the market for over 90 days now and price just reduced to 15% below tax valuation.  4 units total with property, 1 unit rented out.  Other 3 are not rented because they were being renovated just prior to listing and seller was in the process of moving, therefore seller has not posted them.  All units are within 1 mile of a major university and business district.  University housing is short therefore renting is generally successful in the area, especially for units within walking distance of campus (which this is).  Total opportunity if all units were rented, after mortgage and a 15% holdback for maintenance expenses, would be just over $1000 per month profit, or 40% positive.  The problem is, the total asking price, even after the reduction, places the normal 20-25% down out of our range.  I'd like to hear some creative strategies people have used or would use in this type of a scenario.  And simply gritting the teeth and walking away is on the table as well.  Thoughts?