FSBO - My Offers

I spent a little time yesterday (when I wasn't asleep), and some time today at lunch, running numbers to formulate a couple offers for the FSBO. The one thing the owner stressed was that she wanted all the money ASAP - or, in her words, no longer than 5 years. I know there are probably an infinite amount of ways to construct such a deal, but I just narrowed it down to two options:

Option #1: All Cash
I told the seller on Saturday that my first inclinations for an all cash deal would mean I could not purchase the house for more than the lower $90k's. After calculating buy, hold, and sell costs for both a retail flip and L/O exit strategy, I could only come up with $92,500 as my best all cash offer. For a retail flip, this price would net me anywhere from $10k-$16k, depending on number of months held. L/O was harder to guage, but I based it on a a worse-case scenario of being vacant for 6 months and the T/B'er not buying at the end of the option term. This gave me a net profit of only $500 with a $93,000 purchase price.

Option #2: 80% Cash / 20% Owner-carry
Surprisingly, this option didn't fare much better - in fact it fared almost exactly the same: $93,500. Due to the shortness of the term the seller gave me to work with, and my lack of cash reserves, I would have to offer this price in order to match the profit in Option #1.

I told the seller this was the best I could do with the limited term she gave me and her wanting as much cash upfront as possible. I gave her a general description of what I was hoping for ($10k-$20k down and owner-carry the rest for 15-20 years), and that I could match and even surpass her asking price with the offer, but it would be up to her. I really don't see her saying 'yes' to any of my deals - at least not in the near future. If she has a problem selling her house 3, 6, 12, or more months down the road, I asked her to please remember me and I could revisit the numbers.

Oh well. At least I've gotten over the fear of talking with complete strangers and making deals based on their needs and my needs. Each "no" I get means I'm getting closer to my first "yes".