Owner finance my down payment- Need Help!

[Andrew Ramler]

Hello BP! I am new and hope I am posting this in the correct area. I found a 7 unit hip pocket deal. It is in a really great area but needs work. Price is 275k and units will rent for $1000 with some TLC. So the cash flow is real good.
My questions is can I go get a commercial loan and a rehab loan and have the current owner owner-finance the 20% down? So basically current owner has 20% equity and back has 80% and I will slowly pay both parties. The owner said he would owner Finance the whole thing, but I will need a chunk of money to do rehab.
Here are some other things you may need to know about me. My wife and I purchased a 4 unit complex in January, 2013 that we are owner occupying. We have done a substantial amount of work on it and have 40% equity in the property total value $300K. Our combined incomes are close to 90k a year. I open to new ideas on this deal.