A quick transaction, or buy and rent?

[Christopher Eaton]

I went into a deal with someone we'll call Rob. The deal was simple: Rob purchases the house, and I pay for all work that needs to be done. The house was purchased for about $150,000. The house needed what I would consider minimal work. About $22,000 of my money was spent on: new a/c unit, interior and exterior paint job, new appliances, new counter top, new water system (house has a well), and other minor things. 

The home has been listed for 116 days now on the MLS with an agent. The original listing price was $199,000 and has since been reduced to $189,000. We have not had any offers on the house, not even a low ball offer below our expenses.

I will admit that the house could have better curb appeal, but Rob doesn't want to put more money into the house and thus reduce our profitability. The back yard needs to be torn up, have new top soil put down, and sodded. Other than that, this is a very cute house that would be great for a first home buyer. 

Here's what I see as a beautiful opportunity:

Rob wants out, desperately. He's tired of the house and wants some of his money back, SOME. He's willing to sell the house to me for $140,000 or said to come up with a number. 

I'm not sure what to do next. 

One thought, find an investor who would like to own it for a rental property and make them a sweet deal. I would like my $22,000 back, then a reasonable finders fee. 

Option two, I purchase the property and obtain a mortgage for $140,000 and rent it out myself. My dilemma is I'm applying for a business loan in order to purchase the company I work for and I don't think I'll be able to get two loans simultaneously. 

Suggestions? 

Chris