Buying a duplex! Need seller financing help!

[Pete Perez]

Hi BP,

Buying a duplex and couldn't buy it. I helped my dad refi his house last year. Parents were both out of work and came close to losing it. They are both back to work now, but it hasn't been 12 months, so I can't buy with traditional financing. 

The seller is an old guy who is dealing with really bad health conditions. He has a duplex that appraised at $360k and he owns it free and clear. He needs money now to help pay medical bills. Is there any way to structure seller financing so he gets a chunk of money at closing? Say $70k? and he can continue to collect payments from us? 

I am really not sure how that would work. Any help is greatly appreciated.