How can I structure a hybrid wholesale with SFR purchase?

[Brandon Stukey]

I am new to BP and REI. First, I want to say thank you to the BP community for all the questions, answers, and advice posted in the forums. I came across 2 FSBO properties in a college town close to campus. One is a SFR on 2 lots, the other is a multi-family property (6 units + 2 units in detached structure on 3 lots). However, I took a tour of the MFR and it is in complete disrepair. There was a fire in the 2 unit detached townhome, making it uninhabitable. The main MFR is a house built in 1929 which has been converted in to a compartamentalized 6 unit rental. It too is in complete disrepair. It appears that squatters have taken up residence and completly trashed the place. I don't believe the house is even structurally sound at this point.

The SFR next door is in decent shape. It needs some work and updating, but nothing like the MFR. The seller who ownes these 2 properties would like to sell them together at a discount just to get out of them. My opinion is that the MFR needs to be demolished and the 3 lots cleared for someone to build a couple homes or a new MFR. I would if I had the funds due to the location and proximity to campus, but I don't and I have no experience with new builds. After listening to some BP podcasts, I had an idea for a deal. I am thinking about a hybrid wholesale with a buy and hold where I put the 2 properties under contract for a discounted price, then wholesale the MFR/lots to help fund the purchase of the SFR. Any thoughs or advice on how to approach this?