Other option would be her doing a cash out refinance on her home and using that money to purchase with cash.  

For reference, I purchased a new build in 11/2023 (to give you perspective).

1.Subscribe to the BiggerPockets Money and Rookie Podcasts2.Attend the FREE WEBINARS3.Attend a Meetup in Your Area / virtual meet ups4.Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy5.Peruse the forums!

@Geoffrey Paugam- agreed ...if you are  needing to use financing to purchase - make sure to have a full loan pre approval in place  before searching / offering for a new place . 

Can I take out a hard money loan for the 43K plus the 40K rehab amount and have him owner finance the rest of the purchase price to me?

(Sales price minus selling costs minus purchase price.) plus maybe 10% in state taxes. 

Purchase price: $640,000 Cash invested: $1,200,000 Turned a shuttered and rundown 13-unit waterfront motel into a brand new vacation destination with added lakefront "tiny homes", for a new total of 20-units with yearly gross over 500,000 and cashflow averaging $40k monthly.

I have not yet purchased any rental property and would like some insight on what the best way to go about this. 

There are a lot of factors that go into the pricing of a loan such as loan amount, purchase price, credit score, income documentation type and property type. 

Purchase price: $1,870,000 Cash invested: $300,000Offering a sliver of ocean view from upstairs, plus an ideal setting conveniently close to the area's most popular shops and restaurants, there's plenty to love in this location.