How To Purchase Next Property

[Vince Futia]

Hi everyone;

Looking for feedback, insights, advice on my next purchase. I have three rentals in upstate           New York (3 -2 families). All are paid for, all are solid properties, all are rented with students, no repairs needed, simply undertake enhancements projects.

What are some ways to finance my next purchase? 

I'm looking at another property (2 family) with a large parking lot (230K). The current owner has a 92K remaining mortgage and assures me in  our discussions, he will hold the remainder in paper.

My dilemma is, If I pay him the 92K, then I have to come up with it. If I mortgage one of the three properties I already own, then I have to come up with 20% for a bank which would be a lot less then the 92K. 

Or do I use 92K from a possible home equity loan I could easily get on one of the properties and use that for the purchase of this new property and have the owner hold the remainder?

Any help, advice, insights would be awesome.

Thank you BP World!