Help with Financing and Analyzing on a Good Deal !!

[Alex Paulino]

Hello everyone !! 

After months of searching for a investment Property i finally think i found the one !! I ll tell my story very briefly, I was looking for a Multi-Family to house Hack, I live in Northern Jersey, Which at the moment is very hard to find a Good deal . I already been pre approved from a lender . Well So my mom has a good friend that wants to sell her house, i went over to see the house and i instantly realized that it has a big potential to be a LIVE IN FLIP.

Its two floors, 3 bed 2.5 bath, all beds are in second floor and they have a office in the first floor that can easily be used as a bedroom as well. Basement is fully finish with tiles and a new kitchen, all baths are renovated with new tiles,It needs a new kitchen since its outdated but they have new appliances except the fridge, all hard wood floor in good condition, high attic with enough space to make a medium size room, the outside is in perfect condition with 2 garages in the back with a nice size backyard all paved, new Boiler, WH, HVAC, Roof ( 2 years old), all new pluming, and the house is paid off.

Ok so she's asking 285K which is below market value its in a VERY GOOD neighborhood in Elizabeth, New Jersey called ELMORA HILLS.

Its gonna cost me about 20k to rehab it and the ARV is 400K.

Ok, heres the problem:

i ve been pre approved for 280k FHA for a multi family, now i have to call my lender to see if i can get approved for a SFH but i know its going to be hard to get a loan and its a very good deal and i don't wanna lose it.

Like i said im plan in doing it a LIVE IN FLIP !!

If i can't get approved i was willing to tried to convince the seller to do a seller finance and refinance to a conventional down the road ( 12-24 months) if i tend to keep as a rental or sell it to make a profit is it possible to refinance out of a seller finance ? 

What are other options that i have ?? Any suggestions are welcome !!! 

Thanks Guys !!