Ways to work around this deal

[Bryan Quintanilla]

I am looking to get some ideas on creative seller financing. The property in question is a triplex and has an after ARV of $350k. the rents are good and the situation currently is that there is roughly $70k worth of liens along with a mortgage of 30 years for $150k. Ideally the sellers want to negotiate those liens so they are able to get some cash when they sell. I looked into wrap mortgages and land trust deeds which I for sure will need to structure it properly with an attorney if i go that route.

My questions would be more or less how on to structure this type of deal given the fact that liens are in place? I would try to go for a 5 year structure and take over rents while managing the property (if possible). 

This is a deal with some I know personally and are flexible.