Shore condo possible great deal

[Robert Staschak]

This is my 2nd time around at the rental game. 1st time around I did ok but got out in 08 right before the market blew up. 

My wife and I along with our boys go to the shore to visit friends at their condo. Long story short the condos there sell for around 290-300 range. Our friends know that 1 of the units is for sale by the developer and he needs to move it fast. They know he'd probably take 250-260. Currently I'm selling my house and I'm going to have a very nice check from that sale. How is a good way pick this place up with minimal money out of my pocket instead of putting the 50k down since I'd have an automatic  ~40k cushion built in? We'd probably rent it out for 6-7 weeks over the summer at a avg rental rate of $1500/week and we'd use it the rest of the summer and various times during the off season. My goal isn't to have the rent cover the whole note since I'm looking to use it pretty regular myself, but to have built in my long term profit from the beginning.