How to structure seller carry no money down deal?

[Timothy Howdeshell]

How would I, or should I, structure a deal to involve no money down? I am the buyer in this situation. 

Example:

ARV = 130k

Rehab needed = 15k 

Purchase price = 80k

Current/As-is value = 96k

The seller has said they would consider doing a seller carry. The property is also tenanted at the moment.

My guess is to get a mortgage for 60k with a 20k seller carry. Then once the tenant moves out I can use hard or private money to fix up the property then do a cash out refinance to pay off the seller. 

Does this sound reasonable/correct? 

Thanks in advance for any help you guys can provide!