Help with creative financing to buy from my friend/landlord

[Andy Lange]

Hi BP, I'm new to the world of real estate and would love some advice on what creative financing I could use to buy the property where I currently rent. I've been living in one of two ADU's on an amazing property for ten years in Los Angeles. I was friends with the owner/landlord who lives in the main house even before I moved in--we have a great relationship.  He and his family are originally from out of the country and also own a home where they're from. They have been hinting at moving back in the next 2-3 years, and I would love to be able to buy this LA property from him and house hack--continue to live in my ADU, rent out the main house and the other ADU etc.  Both ADU's and main house are very nice and my cash flow would be incredible!

The property is out of my price range -- it's currently valued at 1 million. I could realistically afford half of that right now. My landlord bought it 17 years ago for around 650k -- I didn't want to pry or ask too many questions yet about how much he still may owe or what he'd be open to.  Like I said, we have a great relationship and I'd hate to make things weird before I have a solid plan to present to him. I'd say there's a really great chance he would work with me and be open to an incredible but fair seller financing or other creative situation if I laid it all out clearly for him.  I understand this can be problematic if he still has a mortgage but given our relationship, maybe there's someway I can mitigate that?

I have a potential partner to go in on it with me, but would really appreciate any advice on what additional creative strategies I could utilize to make a great deal possible while still making sure my landlord walks away happy. Thanks all!