Possible Seller Finance Deal

[Robert Kirkley]

Hey everyone,

Recently, a family member of mine passed away and the ownership of the property she lived in will be going to a couple of my family members. The property's current value is probably around $400-$450k. It will need a new roof, probably new electrical, and many other upgrades. The ARV would probably be closer to $600k and rents in the area are going for $3000-$3250. There is only $80k left on the current mortgage as well, monthly payments are in the $400 range for the house.

I spoke with one of the family members who will have ownership of it and they said that both of the owners will not want to put the time and energy into rehabbing it to sell for a higher price, so they would like to just let go of the property and sell it.  I am trying to figure out a way to structure a seller financed deal with this situation, so that I could somehow purchase this property while paying the current owners while getting the property back to rent ready condition and renting it out.  

Would any of you be able to offer any advice as to a possible approach to structure this deal?  Thank you.