Northern Virginia Rentals

[J H.]

I am currently getting calls from owners looking to sell in Northern Virginia. The rehabs are minimal so they may work as rentals for buy and hold investors. I'm looking for advice from the BP community as to whether or not this latest deal that came in can be structured to work for positive cash flow:

Seller initially said he needs to move
(1) to be closer to he and his wife's job (hates the commute),
(2) because his family has outgrown the property (wants his 5 year old to have more space).
(3) Mentioned that he would be willing to become a tenant for up to year after selling.

I dug deeper and found out the true motivation for needing to sell and stay as a tenant is that the HOA's are killing him and that the only reason he wants to stay in the area for now is so he doesn't uproot his son right before school starts. His mortgage is $1,516/mo and HOA $435/mo. He is open to seller financing.

ARV = $264K
ASK = $250K
Current Mortgage with HOA ($435) = $1951
Remaining mortgage = $203K
Avrg Rent in area = $1450
Repairs < $10K
2/2 1140sqft Condo

From what I understand, The mortgage definitely needs to be payed off in order for there to be any cash flow, so I'm assuming a D/P of $203K would need to be the minimum in a seller financing option.

This is the first time I had a buyer suggest becoming a tenant though, so my question is are there any creative strategies involving him as tenant that I could structure to turn this into a good deal?

Thanks In Advance.