Advice Needed - Creative Finance Solutions

[Tom Horan]

Looking for advice on creative financing. Here’s the situation:

Seller has a mortgage on her property of 98k remaining. Wants to sell the property and is very motivated. She also needs 100k to pay back some other borrow money. If she sells soon, she would also qualify for primary residence capital gains exclusion (it’s been a rental for the past 2.5-3 years.

She’s looking for a purchase price of 560k, home needs about 20k in work, but it’s worth about 620-650 after repairs. I’d buy and hold this property and know it’s a good long term investment property and neighborhood.

Any advice on how to make this work for everyone? Id like to do an owner finance situation, but a little thrown off on how to structure with a current mortgage in place, and the sellers need for cash soon. Obviously I’d like to have as little money in the deal as possible, while also acquiring a long term asset.

Any thoughts and advice are appreciated.