Funding needing for Apartments in Alabama

[Marcus Blalock]

I am looking for funding for the following scenario for a buy and hold investment.  If you have any think that might work, please let me know.  Thanks

The property is a 24 unit apartment complex in Alabama that needs to be rehabbed and currently has no tenants in place.

The purchase price would be $224000 unless it could be negotiated down, I have talked to the seller and they said they would consider owner financing 25% of the PP and the buyer would have to come up with the rest of the money for PP and rehab. I also asked about a master lease agreement until all units are rehabbed and rented, but seller was not interested in that.

Seller had a GC estimate rehab to rent ready status for all units to be about $150000 as all plumbing has been completed, but that was over a year ago. A low end estimate for rent for each unit is $500 once rehabbed.

If we can create a situation where the numbers work, I will purchase the property in an LLC, have a FICO of around 740, and I have identified a property manager in the area that could manage the rehab, leasing of the units, and management of the property, but have not reached out to them yet as I am not at that step in the process.

Do you have any funding options that would work in this situation- have the seller carry back 25% of PP and get a loan for the rest of the PP and rehab costs? Purchase would be dependent upon results of due diligence period.