I have money and credit. but no income

[Jonathan Polanski]

Hey guys I got about 250k in my bank account. I only made about 8k this year, I started my job in may (in the middle of the year) its 100% commission based, and my credit score is in the low 700's. I spoke to a lender about financing, but they said they will not be able to lend to me due to the fact I have low income. I want to purchase a rental property in FL Broward county. I want to purchase a rental property first then do fix and flips. 

I'm thinking about buying a property in all cash @ 80k I'll have a 10% cash on cash return (but a significant amount of cash will be tied into one property)...I was thinking with this property I'll do asset lending mortgage to purchase my second rental property. and with the rest (170k) I'll work on fix and flip deals.

This is the only idea I could come up with currently.... is this a good idea?

[Joe Villeneuve]

What @Steve Kontos said is right on.  Here is your problem: 

1 - You spend your money on an income property, you will have nothing to move forward with, and have limited passive income until you can expand and move forward.

2 - You use your money on a flip, you get your original cash back, with profit and can then move forward with a bigger sum of seed money, but...I would imagine you don't have the time or the team to do this.

Your answer is, as Steve stated, to use your assets and team up with a partner(s) to fill in your deficiencies (as your assets fill theirs).  Your power is in the cash area...always a problem for many investors.  Just don't finance a hold...finance a flip.  Let your money work for you.  Expand that $250k first, then let that expanded money "seed" continuously fund the rest of your investing.