Mixed Use Commercial Building Seller Financing on BNB

[Larry Long]

So I'm very interested in a unique building in a small touristy town and have been trying to finance it without any luck so far. And in my research stumbled upon this site. So I'm looking for advice from creative minds.....

It's a property that has been run as a Bed and Breakfast for years.  There are 4 units total. We would airbnb 2 of them full-time Live in 1, and partially live and airbnb the other one out.  There's a lot of history with this place, but the guy just really wants to get out and needs money to purchase the place that he already moved into.

He's under contract with a realtor currently and has been trying to sell off and on for a couple years now.  I reached out to him and have developed a relationship with him. He's told me that he'd be willing to get creative and try to help me figure out how to come up with a down payment by possibly writing up a contract to gift me the money at closing.

So after I found this site I started thinking.....

He's owned the building for 14 years , so I know he has equity, just don't know how much. I was thinking if I could talk him into getting a heloc, that would give him the money he needs for his new place and we could do a lease option (or whatever makes sense). I was thinking I would cover his mortgages and taxes and insurance until I can get financing. 

It's a hard property to finance.  The only time he's been close is when someone came with cash, but the wife of the guy with cash put the cabosh on the deal.

Any ideas on how to structure something like that? I've been trying to think outside the box because I really want this place and the numbers are fantastic.