Assignment? Wrap Around? Not sure how to structure this???

[Allen Seto]

Hello,

I have this opportunity that has come across my desk and I am trying to figure out a way to creatively finance it.  Basically, a colleague of mine has bought a property, all papers have been signed, and she is closing in about a month.  However, she is now having buyer's remorse and wants out of the deal (she realizes it is not right for her kids now).

So, is there a way I can come in and secure the property as an investor with the same terms she has as an owner occupied purchaser.  I have run the numbers, and it looks like a great deal (but will only work for me if I can get in with 5% down payment).

She was able to get financing with 5% down and I want the same terms (i.e. 5% down and a good 5 year fixed rate).  Is there a way to structure a deal so I take over her financing terms?  Does she ned to close on the property first and then we work out a private deal between her and I (would this be a wrap-around mortgage)?  Or is there a way I can just have her assign the entire deal to me (but not require me to go to a lender and get a 20% down financing agreement)? 

Thoughts?  Any advice would be much appreciated.