help creative financeing

im a beginer invester,i found a property im interested in. its 5 units 3-2 bd 1 bath and 2-1 bd 1 bath yearly income 17.500 all units bank involved owner financeing there asking 185000 with 25%down carry at 10% fully amoritized for 25 to 30 years.needs whole lot of work.i need help with several creative financeing offers.i have about 30000 cash to work with and ill need to do or start repairs with some of a handyman so materials are all im looking at and maybe cheap labour for extra pair hands on some of it.i know you probly need more info but dont want to make this message to long

Unless you are some red-hot RE market, this looks like a crappy deal on paper. Some things to consider:

Your gross rent pre month is only $1450. Your payment plus taxes, and insureance will exceed this. This is OK if it turn-key or has a killer location (near the beach), but not for a regular place that needa a lot of work.

For what you describe, I would want to see about 100:1; i.e. sale price/monthly gross rent OR a huge (30%+) potential upside on rent if fixed up.

I have not done seller carried financing before, but 10% sounds really high; unless you have absolutely no credit whatsoever, you can do better at a bank. If you pay 10% then I would want them to reduce the down to like 10% (to save your cash for materials)

You should be aware that a loan from a bank would be a commerical loan; regular home loans are only up to 4 units. This makes 5 unit building a tough sale. A commerical loan means they will look less at your credit and more at gross rents and want to see 25-30% down plus allowance for vacancy.

So, I think you need to spend some time looking at the market to see of this building is really worth $185k. and then see about reducing the downpayment amt if you want to go the seller carried financing. Since the place need a lot owrk, there HAS to be a healthy upside meaning great increae in rents, low sale price, excellent financing terms. Remember, it needs probably needs a " lot of work" becuase the currrent owners have not done a darn thing and let a lot of maintenance go unattended. With that said, there will be additional cost you can not see right now.

In closing, I have done a few fixers and they can workout to be good deals, but you have start the deal on the right path becuase you are taking on risk and you need to be rewarded (i.e. profit) from handling that risk.