Financing a property

[Travis Hardy]

I currently know of a quad plex property that I can get for around $400k(listed @ $400k however with speaking with a realtor, they believe it could be gotten for possible $380k) in CO. That property currently has renters in place and brings in $3800 a month. The property has some minor repairs that should be done(some broken screens, a broken window, some deck repair, etc), about 5k-10k(material + I can do the labor). It also has some improvements that if a renter were to move out, should be done to 3/4 of the rentals(Updated windows, doors, cabinets, etc). The improvements would allow for more rent to be collected as well. I have minimal cash on hand because all my cash is currently tied up in an out of state property and a flip that went south. The out of state property is currently rented although the tenants have taken advantage of the Covid-19 and have not paid much since March. This is whole other problem that I can't do much about until Dec when I will be able to evict them. The flip that went south will still make me some money, just not what it was supposed to. It is supposed to close on the 11th of Nov, crossing my fingers. I will make about 50k on the flip, however the rest of the funds in the house are from a private investor. Having quit my W-2 job to go full time into real estate in June, I no longer show an "income". I will still be making about the same amount or more likely more through working(I am his carpenter) with the private investor "flipping" houses. To the best of my knowledge, I do not make enough to get a loan for $400k.  As I see it, even at 5%(Which is very high) interest rate, The monthly payments would be around 2k-2.5k. I might be missing something but to me this seems like a decent deal that has some cash flow and I would like to buy this property. I know there are ways out there to get financing to make this happen, I am just unaware of how I can make this happen. This property may sell before I can find a solution, however, I assume whatever works for this one will work for the next property I find. I can put 30-40k I will get out of the flip towards it if is needed. I also could possible interest the private investor I am working with to throw some money(maybe 30k-50k) towards it for a % but he does not want to purchase it and tie up $400k of his money. Any ideas or a directions to look would be greatly appreciated! Also if I am missing something that makes this not a good deal, please inform me of those things too. Thanks in advance!