Creative Financing On A Rehab

I posted this in the rehab forum and no one responded. I have an opportunity, for the first time, to do owner financing on a rehab property. I need some help structuring the deal. Here are the details of the property: 1. Purchase price is $93,000 2. Based on good comps, after repaired value would be $115,000 3. Current mortgage on the property is $54,000 4. Property needs 5-8k in rehab The owner (a church) is open to financing 100% of the deal. We have not talked about specific yet, however, the idea of 100% financing of a 30 year note with a 5 year balloon payment has been discussed. My big question is: Where can I get the rehab money without coming out of pocket? The other thought was to have them sell me the house for $54k and I would get a conv. mortgage for that amount and then have the church take the 2nd mortgage for the difference- $89k. I am not sure where the rehab money comes from in this scenario either??? Please lend your creativity. Thanks [ Edited by brettjamesburas on Date 12/13/2004 ]