Finance BRRRR? Owner finance + rehab loan or single loan

[John Thomson]

I am looking to BRRRR a sfh. The numbers look good assuming I can negotiate the right price. I am certain I can get owner financing. The owner has 100% equity and is not living in the home. She is just paying taxes and insurance on it while it declines. Would I be wise to go for owner financing and arrange a separate rehab loan or look for a single loan for purchase and rehab? Would it be common for a rehab lender to take a second position on the mortgage? Is there a better approach?