Owner financing a rental property

[Steve Novosel]

I'm not exactly sure how I would go about this, so I wanted to come to this forum to help articulate my ideas. I was a member of a fraternity at a small state school. I've since left that school about 1 year ago but have maintained contact with the fraternity members as most of them are around my age. At my school the fraternity houses are usually just rentals that the chapter rents from a third party landlord, thus there are generally 1 year agreements. This differs from most larger schools as the chapter general owns, or the school owns, the chapter house. The current landlord has become extremely discontent with the tenants, threatening to find new tenants, because of the condition of the house. This is where I come in. The landlord has expressed an interest in selling the property to the alumni, who have not taken any action on this offer. But his willingness to sell seems to me that he may just want to part ways with the headache. I have been interested in buying to hold for quite a while, but without the starting capital to be able to buy a residential rental property on my own. The property itself is an amazing investment- 4 buildings on the lot (two structures certified for housing), a garage, and a large commercial structure. The property is listed as "commercial", and with a growing fraternity , and a growing school, additions to the property would continue to add living space, increasing the amount paid each month in rent. How could i insert myself into the equation between this landlord and my old fraternity chapter as tenants? My question is: how can I say to the landlord "I will pay you a flat fee of $2,500 a month, but be responsible for all repairs and maintenance, managing the property myself and collecting on my own rent agreement." What can a situation like this be considered? Owner financing? Any help would be appreciated, and thank you to everyone who took the time to read.