Help me acquire this property- Need creative ideas

[Rigo V.]

I was looking at a property that's on the MLS and has been sitting in the mid 400's for 550 days. I spoke to the realtor and he told me the place hasn't not been marketed much because he is in charge of selling the owners portfolio and the owner owns quite a bit including a successful restaurant in town. I asked if the seller would be willing to hold a note and he told me that he might consider it but that the owner has a 340K mortgage on it. Below are the financials. I am trying to figure out what creative ways I can use to get this property.

I was thinking I could offer 375K and pay him 20K upfront and 20K the following year which would be no hassle money for the seller. I would then begin to make changes at the property to increase the NOI and continue making the mortgage payments from the collected rents (would the title change? not sure how to make this work). I could then refi based on the new appraised value since I would have increased rents and lowered expenses and pay off the seller's mortgage with him keeping any difference.

Is this even possible? First time trying to do this.