This deal is probably outside what you should acquire at this point.And what creative financing you can do depends upon what the seller will agree to.I suggest taking this deal to your local REIA meetings once you have it under contract and let someone more experienced do the deal and explain to you what they did.

I'd target investors by showing up to every REIA meeting and local investor meetup I could.

I would suggest connecting with your local meet ups there, and talking to those that are buy and hold investors. 

You just have to play nicely with the SEC like what @Robert Borr was saying.Step #1- Just go meet people that you believe would be interested in learning what you have to say in the future (Don't talk about returns, etc. 

I went to the meeting last night at the library.

Hey Kelly, I know that the Orlando group that I’m in will be meeting up on Saturday.

NetWorth Realty of League City will be hosting a 90 minute meet & greet for new and seasoned investors. 

I joined BiggerPockets today as a matter of fact.Pleasure to meet all of you on here!

If I reduce the offer price to $422k, it's still not a good deal (Cash Flow: $403/mo, Cash-on-cash return: 5%), but meets my cash flow requirements.What's the magic number? 

Definitely start connecting with others (if your local through meet ups and the forum) and figure out what type of investor you want to be.