Negotiate MF deal so we have cash for repairs

[Suhendri U.]

Folks,

Need advices and opinions from expert on what term to negotiate. Here's the deal we are working on.

Multi family, sales price $240,000

-Monthly rent $2450 (tenant occupied 100%)

-Annual tax $6382

-Annual insurance $2700

-Repair estimate $65,000

-Potential after repair monthly rental $3500

Seller sound desperate to sell the property.

We want to buy it for rental. With potential after repair monthly rental we think the property worth $240,000, but it's a risk we are trying to mitigate and $65k repair is quite a lot from cash for us.

My thought is to negotiate price to around $220,000. And ask seller to provide seller financing for portion of sales price (+/- $50k-100k, so we have extra cash for repair).

Can you give your thought on my strategy?

How could we structure the deal so we have extra cash for repairs?