You are proposing to take the equity yourself because they are desperate.

Are you so desperate to own one that you're willing to overpay?

The first part of last year I was desperately trying to purchase a small multifamily as my first RE investment.

@AJ Smith  You need earnest money which in MN starts at $1000, and in most cases is 1% of the sale price, its negotiable and could be less than $1000 but only with very uninformed or desperate sellers. 

The building was on the market for 6 years in desperate need of complete new infrastructure to be occupied.

SO - I'm sitting at my kitchen table, typing away on my aged MacBook .. wanting desperately to be successful real estate and be financially independent.THATS IT BP - Thats where I'm at.Go easy on me. 

Aside from that, Forsyth County has a population desperately seeking affordable rentals, but prices are so high, that cash-flowing as an investor is difficult without significant money down.

I really do appreciate all you guys helps and advice, as  @Nabil Suleiman mentioned he has no assets that why he is desperate.

Introduced to the owner (developer) who was cash poor and desperate to keep the project going.

If the numbers are there and you aren't desperate for the money now, wait like you stated and get paid in full.