Here's the scenario, the owner of the house next door to my dad informed my brother that he wanted to sale the house. My brother told him that he wasn't in the market to buy but he knew of someone who was...ME. I called the gentleman and spoke with him about the property. It's a single family 3 bedroom 1 bath with an unfinished basement. He's owned the property since 1984 and by his word it's "free and clear",( that I will clarify). He presently has a tenant in it and receives $500.00 a month rent. He's asking $25,000 for the property, I've seen the outside many of times but have yet to see the inside. He's wanting to sell because of his age and possibly will be looking to sell his primary residence also. I asked him if he would consider "seller financing" the property to me and he said no he would rather be paid in full, let me take over and walk away. The tenant has been there for a long while, she has young children who attend school nearby. With my dad living next door and me visiting on a regular basis I can say with confidence that the tenants are fairly good ones. My problem is, my credit wont allow me to go the conventional route and I don't have anyone I can borrow the money from. My plan once the property was secured in my name was to use one of Dean's strategies where he found a banking institution that didn't require seasoning and finance the deal using the equity from the property to make some minor improvements and pocket the rest. The new note (mortgage) and the initial investment ($25,000) would be paid by the tenant's monthly rental income if the numbers are right. I just could use some assistance with finding the initial investment. If the property yields a break even cash flow, I'm good with that, but if the numbers reflect a negative, I'll walk away. My present monthly income wont allow me to assist in any way. Are there any suggestions for this deal?