Traditional bank loans without income

[Indy Smith]

Hi everyone, 

I have the opportunity to buy a house that is worth approximately $120k for $75k. I have no cash. My inclination would be to borrow the money from a private lender and then refinance into a conventional, long-term loan and pay off the short-term private loan. 

The property currently has a tenant paying $950/month (below market), so if I could refinance into a 30-year loan at 5% interest it would cash flow about $300/month. 

My main problem is I just moved and am beginning to invest in real estate full-time, so I have no income to qualify for a loan. 

Any suggestions?