Opportunity to buy neighbor's house, no cash, a lot of private $.

[Clark Nowlin]

Howdy! I have the first right to offer my neighbor's house in Austin, Texas. I did my own evaluation before he said price, and he came in lower than we would offer. Off market property. Price: $475,000. 5bed3bath. I want to buy. I have no cash available to do it and cannot borrow more than $200k in traditional financing due to my current mortgage on my homestead property (house #1). Have access to LOTS of private financing. Looking to get creative...

How would you finance a deal like this? In this scenario you have unlimited private money... 

Would you ask for private loans? A mix of private and conventional? Ask for investment dollars and split ownership? A mix of the three? You would also assume the property manager role.