Partnering with seller to rehab a home in Maryland

[Angela DeBorja]

There is a local investor we spoke with months trying to unload a 2 bed 1 bath semidetached townhouse that needs a moderate amount of work. I was overwhelmed by the amount of work it needed as a newbie, so we did not put an offer in. He has a portfolio here in MD, and wants to move to FL  in 3 years or so to focus on commercial  It is still for sale, and since then we have looked at a lot more houses and reread Investing in Real Estate with Low and and No Money Down. He is open to seller financing. I was trying to think creatively: 

1) If he owned the property free and clear, could we offer an agreement where we would fund the rehab (via our HELOC, or bank rehab loan), and then we could split the profit from the sales? It looks like there has been rehab activity in the area.

2)   Is there a way to combine seller financing and being able to rehab the house for either a rental or flip? 

I am thinking of going over to look at the property again with contractor to get a ballpark estimate for a flip rehab and a rental rehab, then go back to the seller with an offer. 

Thank you in advance!