Possible to Re-Fi a Land Contract? ANY Protections for the buyer?

[Danek Znika]

Let me know if I'm off base here, but I'm working on a deal where Seller wants 480k (way over the market value) and I'm at 350k max for a 6 unit building. The seller has a small commercial mortgage on it of around 65k. The scenario I'd like to propose as a win/win would be a Contract for Deed (aka Land Contract) where I put a maximum 25k down and finance 325k seller financing (a 5 year balloon loan at 10% with a 20 year amortization schedule). 

At the end of the 5 year period, I would go to a conventional loan product through a bank with a better rate. 

My question is... Would I be "re-financing" after that initial 5 years? On a contract for deed, my understanding is that I have all the rights to the property except legal title. So I wouldn't technically be re-financing since I don't actually own it. Or is the Land Contract enough to show that I have equity in the property without being on title? What is keeping the seller from putting a second mortgage on the property while we're under contract?

After year 5, I will be able to show a bank that I've managed the property for 5 years, made XYZ improvements, and raised the NOI. But will that be sufficient evidence to secure a commercial loan? Also, this new 6 unity property would be purchased with an LLC beginning with the initial Land Contract.

Hoping someone can give me some insight. Thanks ahead of time!