Creative Equity Play

[Martin Sterling]

There is deal in my town that I found where the seller put in 70K on a duplex. 

No mortgage. 

unit 1 - 2b/1b - $1200/mo

unit 2 - 1b/1b - $1000/mo

Comps are going for 150K - 180K

It needs probably 50K in repairs.

He is an out of state owner and he's looking for at least 100K. When I offered 70k, he said he'll think about it. He may not go for it, but he wants out of the property.

I'm wondering if there is a way I could acquire a percentage of the property if I can help him turn the property around. Maybe 30% of the cash flow if I could manage the management company. 

Or if I can get a loan to rehab it for cheap and appraise at 150K then refinance out to buy another property that I get a percent of. Or something.

I'm just trying to think outside the box here if he's not willing to bring his price down low enough for wholesale, how I can help him possibly turn the property around and get some equity. Any ideas?