Creating a Deal involving Rent to Own AND Owner Finance. HELP!!!

[Rebecca Cramer]

Hi! We are real-estate investors that own 3 vacation rental properties. We are currently maxed out on being able to get a mortgage because of our other mortgages. We currently live full time in a town house and of course would love to buy our dream home as our primary residence. We have our eye on one particular home. It has a separate 2 bedroom cottage that is detached from the regular larger home. I see they are trying to rent out that cottage currently as a long term rental. My thought was to create a deal that would include a rent to buy option and an owner financing option, allowing the current owner to continue to live the larger home for so many agreed upon years and we would buy it from them and they could continue to live in the larger home for so many years. We would live in the cottage. How to I set up this deal so it would benefit the current owners and ourselves. We could easily live in the cottage for 5 years or so and then move into the larger home later. The entire property (larger home and cottage) is on zillow for almost 1 million. They are asking $2,000/month for the lease for the cottage. Any help would be appreciated. 

Best Regards, Rebecca