Creative financing ideas?

[Zackary Martin]

I just purchased my first duplex wiping out my cash reserves when a deal was brought to me. A friend of a friend is moving away for work and needs to get rid of their house. They don't need down payment money and are only looking to sell for the amount they owe on the property (50k). I know a traditional loan is out of the question for me as is an FHA. I'm also new to real estate so I don't know anyone I could partner with and no one in my family has any money to invest. I was thinking of maybe doing a lease option. Where I rent the property from the owner for the price of the mortgage then find someone else to rent the property to for a slight profit, until I can buy the property in a couple of years. However I'm a newbie and unfamiliar with financing this way. Is this even possible or is there a better way? Any advice is greatly appreciated.