However, previous owner owns only about 60K to the bank.

HUD home built in 1900 in nice historic district of Ohio town.  Listed at $70k then dropped to $63k. Contemplating a bid of $55k.  ARV roughly estimated at $130k-$150k.  Extensive repairs needed, estimated between $30...

Is there anyway where the lender wouldn't have to be partial owner in order for this to work?

I'd had the assumption that i'd buy a rental using a HELOC on my primary residence, and then financing subsequent rentals with a LOC/leverage on that rental property (something I assumed the majority of rental owners are doing now).  

I would suggest maybe giving them a 30 notice to vacate on your own (or the seller/current owner).

If you get a loan as an owner occupant, you can't "convert it" later by paying toward principle.  

My inclination is to stretch and go for it but as my experience has all been with SFR, I would appreciate input from those with more commercial experience before I pursue this conversation with the owner. 

@Calvin Clark any utilities paid by the owner?

I am a successful business owner for two other companies and a single mother of two young boys that I homeschool. 

I came across a property that seems pretty much abandoned. I looked up the property and saw that the mailing address is the same as the property address. Any suggestions on how I might find a correct mailing address? ...