I have somewhat of a text book deal where as the seller will hold a second mortgage of 20% for the d.p. of a 570K offer I made and seller has disclosed what he wants to walk away from the table with. However this is a commercial property and Im having trouble finding a lender that will go with a inverster with no experience and no money in the deal how can I over come this and close on this property. 
tracy,
I am curious to what the deal is. $570k is a big number for a new investor. Do you have some sort of real estate or business background? tell us more about the deal as most private money lenders want to know details of the deal when it comes to commercial real estate. Not as easy as just looking at the tax rolls or appraisal of the building in question.
at 570k the seller agrees to hold a second mortgage for the 20%d.p. at 6%. He has a 320k balance on his first mortgage and basically wants to walk away with 200k.(+ or -) whats left on the table could be used for closing (about 34.2k) and Im looking to pocket the balance and or pay some bills(apraisal,title search,etc.) at closing with the 15.8k. will a mortgage company consider this a do-able deal.
tracy,
In what you have replied with you have not described a ‘deal’ what you have described is the terms of acquiring a property, which ANY mortgage lender will do if the appraisal comes through for the same or above the purchase price.
However, as an investor, unless you are buying this to live in, you need to find out what the After Rehab/Repair Value (ARV) or Fair Market Value (FMV). This value is what you COULD get for the property when you sell it based on comparable properties.
If the house can truly be sold at 570k then I would want to find out how long will it take to sell. As you will need to have the funds to make payments on whatever loan you end up getting for this property while you wait for it to sell.
Hard money will only lend you maybe up to 80% LTV (456k) which will cover the purchase, but not any cleaning/repairs. You will need to have cash to pay on an interest only payment @ 15% or so which I shudder to think about having to pay for 2-3 months.
Please give more information, but as a general rule new invetors do well to start small unless there is a rdiculous discount for a purchase or it is a deal that is sub2 or something that requires nothing out of pocket.
This may still be a deal, but you need to find out much more information than what you are posting. Hope this helps.