Best way to acquire duplex from FSBO

[Pete Fiannaca]

Hey Friends,

Quick situational breakdown for everyone, and I'd love to have my blind spots pointed out since I'm still quite new in the game.

- I own my single family primary residence, having purchased it with an FHA loan (currently 15% equity in the property)

- I recently purchased, waited, and cash-out-refinanced a SFR in town, putting 100% of my investment back in my bank account and maintaining 25% equity in the property.

As I continue to focus on cashflow, I found a FSBO duplex that I'm very interested in. The owner is an investor who mentioned having "friendly terms with the private money lender who is holding the note on the house".

Here's what I'm trying to figure out...

Since I'm working with another investor (two if you include the guy who's his private financing on the duplex currently), what are some attractive ways to make an offer on the property if my goal is to come out of pocket as little as possible? I'm stuck with option 1, below, but I know that there must be at least a few more things I'm not thinking of.

Option #1: Offer to take over seller's current loan (retain current terms) AND create a 2nd loan that the seller would hold himself? 

Help me get the creative juices flowing! The property is a gold mine, being offered at <$90K and bringing in gross monthly rents of $1800/Total/Month. Would love to snag it before someone else does!

BONUS QUESTION: What should I be aware of if I work out creative financing with the seller and then 6 months down the line, want to cashout refi with a bank? Are banks less likely to look at deals like that when investors are hold paper on the original loan?