How to structure this deal?

[Mary Jay]

Hi guys, I am new to creative financing. Can you please be so kind and help me out? I was trying to buy a property  and the seller owes to the bank 35K in mortgage. I don't have the 35K to put down on it. I have about 10k to put down. The purchase price is 55 k... Seller does not want to do sellers financing because she owes 35K to the bank for mortgage. The property does need some updating, it needs new roof (10K) and new siding (5K)  How would you structure this deal? Thank you!

[Jaysen Medhurst]

@Mary Jay, I think an equity partner or HML are the best routes. You may have an additional problem: it can be difficult to get a loan for such a small amount. So, a partner that can help fund the whole thing in cash or HML, where you'd likely only have to come up with 15% of the purchase price. If your numbers are accurate, this will work very well as a BRRRR.