Lower Price or Seller Financing?

[Mike Smith]

I have my eye on a quad that has been on the market for about 90 days. I have not made any contact with the seller yet. The list price is pretty low for the area (Oregon), but values here are so high and rents are so low that the cash flow is still going to be questionable. The listing indicates the seller is willing to provide financing.

The units are all occupied and current rents are well below market value, but I'd probably need to do some minor renovations to bring the rents up to market.

I can finance the property on my own without any trouble, but if I buy it I'd want to renovate the units to bring the rents up. In a perfect world I could have the seller finance it for a few years while I renovate the units one at a time, then refinance into a conventional loan. 

In that same perfect world I'd get the seller to accept an offer about 15% less than his asking price.

The property is on the MLS and two years ago the seller put it on the market. He did not lower the list price and ultimately took it off the market after six months. Based on that I don't get the impression he's desperate to sell.

Being that this isn't a perfect world, which would you prioritize in this scenario? Lower price or seller financing? I don't want to torpedo the deal by asking too much from a seller that is only somewhat motivated.