Scenario HELP! Financing for 4th investment property

[Jamie Ross]

Hello everyone, I've been reading some great questions and answers however can't seem to find any that are pertaining to my situation. Below is a snapshot of my situation - I'm hoping that some of your experiences can help me navigate how to get this deal done. 

• I currently have 3 investment properties. All three have mortgages, are cashflow positive, and are low maintenance.
• I have found a multi-use (zone R-2) property that I would like to convert into a triplex. Have already agreed to a sale price that is 43% less ($95,000) than the appraisal value. Ideally, I would need a $50k loan to fix it up, and then refinance it into a 30 year mortgage.
• I do not have 20 percent to put down to purchase the property.
• In order to maximize the property's potential and convert it to a triplex, I am estimating a need for $40-50K in rehab expenses. In the interim, I could definitely rent out one floor, and have my primary (I invest on the side) business occupy a space. 
• I have considered a cash-out refinancing, but the amount of equity that I have in each property would likely require me to combine multiple to come up with enough funds for the 20%. 
• I've spoken with several hard money lenders (2-3) and it sounds like there are possible options, however the property (as is) would be considered commercial and therefore that complicates their process/qualifications.

Has anyone encountered a situation like this? It is a no-brainer investment for me, but I can't seem to get past the 20% down hurdle. Any suggestions would be greatly appreciated!