Owner Financing for Duplex

I have been speaking with a realtor/acquaintance friend of ours about purchasing a duplex he owns. I tossed out owner financing to him and he wasn’t really wanting to do that. I would really not like to do an 80/20 loan with the bank. I have a HELOC available but don’t want to use that as I am also working on buying a property with that to rehab and will close on it soon. The duplex is leased through next year and has new roof in '01, gutters, vinyl, hardwood floors, ref and washer/dryer in '02. Might need a furnace replaced in the next few years. He wants 88,000 for it, taxes are1236/yr, insurance 300/yr, rent coming in is 910/mo. He purchased for 75,000 in 2002. I would like to offer him 83,200 for it. I would also like to work out owner financing with him. I am not sure how to be creative about it-- HELP! Graciez

I have an idea if you are interested.


What would that be?