How to buy and keep?

[Arlene Summers]

Hi!  I'm a newbie who found a home where I developed a relationship with the home owner.  The home needs extensive rehab and the comps in the area have excellent returns even after rehab.  However, my challenge that keeps taking me to a dead end is the solutions to try to acquire the home without personal finances (I'm starting over):

1.  private investor-  can't rehab a home that will be owner occupied.

2. FHA 203k rehab loan - capital?

3. Family -  N/A

Someone shared that there is a way that I can make a short-term loan with someone to fix the home just enough to make it appear habitable to get an equity loan and use that money to repay the person/remodel, then use the equity loan as my mortgage.  I plan on staying in the home for about 3 years until my son graduates and then sell the home. 

Serious suggestions that I can work towards will be greatly appreciated! =) . I know that I will fall.  I hit my ceiling.  I am ready to try another solutions. =)

The owner is willing to sell me the home for $90k with verified realtor comps going for $187k-$207K.  See images below.  

[Kathy Henley]

Where is the property located? @Arlene Summers  I think I see a lot of water damage, mold on the ceilings. It may need a roof immediately. The moldy drywall on the ceilings must be removed and replaced. Look behind the bushes and evaluate the windows. You have a lead on a distressed property and need more info.  But you have no funds? You need a partner who has a bucket of funds and you could swing the hammers together. Or, you could take the lead to a wholesaler in your area, who might give you a finders fee if it turns out to be a deal. Take this finder's fee and buy yourself a camper. Live in the front yard and help the team gut and rehab the property. 

$90,000 is too high, the wholesaler may tell you. To find the right figure, summarize the cost of repairs and restoration, add 20% for profit, and subtract this amount from the current market price of similar properties, of the same features. If you are able to show the property to contractors, like a roofer, plumber and a drywall guy, you can start the summary of the cost of repairs.