How to structure a duplex purchase

[Mark B.]

Good evening all!

i was hoping to get some advice on a property im looking at.  Its a duplex with current rents of 1950 that should be able to be increased to closer to 2200-2400 with the correct upgrades.  The owner doesnt want to be a landlord anymore and is looking to sell, but he does still have a mortgage.  

I've read a bit about wraps, and subject to's, but I'm not sure if this fits in.  He would be open to a structure where he is able to keep a bit of cash flow coming in.  

Would anyone be able to give me some advice on what kind of structure I could use? (I'm about to buy the book on low and no money down but havent just yet).  Even just naming the type of deal would be greatly appreciated and i'll go research it!

Thank you !