How to purchase before a refi is completed with little reserves

[Joseph Walker]

Just started listening to BP a few weeks ago! And boy, these topics would of been extremely helpful last year when I bought my first triplex in a great part of town. BP would of saved me a lot of newbie mistakes!!! 

Anyways, to my question.

 I put down a small down payment and then renovated a large part of the house out of pocket. Leaving me with little money in savings. I am planning to refinance in the next two to six months and cashing out my money (setting some aside for a reserve, and the rest going into the next property). But until I do that I would not have the means to purchased a second property. Today a property I have eyeballed came back on the market. I like this property because its in another great location, has been totally rehabbed, and would start producing about $600 - $800 (Net) a month on a duplex. My problem is I wouldn't have the reserves to go conventional. How are people getting around this issue? Would a hard money lender lend me the down payment and then go conventional for the 80% of the property?

Details about the prospective property: Listed for 140K next to "A" rated schools large lot which is desirable in the area. Rent in the area is about $1000/ month but the two apartments are smaller and would most likely rent for $800-850