What do I do with this?

[Corey Reyment]

1. Thank you for taking time to read and give your advice, we are very new and appreciate any insight!

2. Here is the deal, we sent out direct mail and got a ton of leads, this is one.

House: Duplex 3 bedrooms 1 bathroom downstairs/1 bedroom 1 bathroom upstairs, 2 stall detached garage, owner states not a lot of repairs needed (maybe $2,000 total)

Current Rent: $1,225 total

House assessed at $96,000

Current owner owes $52,000

Wholesale offer (from our formula that would make sense for us to buy it wholesale): $53,000 cash - owner declined (too low)

If we keep it to rent out do we get a hard or private money loan to purchase for a higher cash offer (we think he would take $70,000) and then take it to the bank after a certain amount of time to get a conventional loan because we will have almost 30% equity in it when we buy it?

He is open to seller financing, ,does this even make sense?

Seriously thank you SO much anyone who has advice or insight!!!