203k loan or search for private money? (New Jersey)

[John Walter]

I’m looking at a two-unit property that needs substantial work, but the price is almost there. The sellers are only accepting cash and 203k offers. I don’t have enough cash on hand for the whole thing, hence these questions. 

I imagine I would need a standard 203k, as this place needs a full rehab. Does anyone know how easy these are to get, how long they take, etc? Would I have to live there for a year, and is refinancing the same process as a conventional? Anything else I should consider, especially the, let’s say challenging times right now? If anyone has ever done these in NJ, it would be great to hear about.  

Haven’t ever gone the private money route, and given my limited experience, I don’t imagine this would be too viable at the moment.

Appreciate any insight, thank you.