Great question, @Kristi Barron Understanding your property's location, equity, and scope of work is key to finding the best renovation financing solution.

While his loan isn't assumable, you could structure a deal where you take over payments while giving him equity in a seller-financed second note.

I'm going to assume you aren't talking about bank financing, but rather, investor/partner funds.I prefer to keep other peoples' money out whenever possible.

This eliminates the need for the seller financing in the first place. 

This is our first investment together so we're exploring financing options.Wondering if anyone has trusted contacts in private lending/hard money who are able to fund ~$400k in acquisition cost and ~$250-300k in repairs?

On the exit strategy for seller financing, say the deal was Property Value: $450K, DP: $80K, Loan $370K.

Quote from @Bryan Hartlen: We’re selling a SF rental property and offering seller financing.  

We will be moving but I like to owner finance what is left on the mortgage at a higher interest rate because I do not need to pay it off to qualify for our next home. 

One big loophile is to start with a Multifamily 2-4 unit so that when you exit in as little as 6 months you have 2-4 doors paying the mortgage and cash flow.VA also allows you to build your home and will include the cost of the vacant land/lot into the financing.

The seller offered financing with 20% down, which I used to buy the place.After starting construction and realizing it was going to cost more than expected, I approached a small local bank that knew the property and would offer the rehab financing.