new home takes an year to finish, but dont want to keep renting

[Abhi Ram]

I am in a situation where I am not able to take right decision and wondering if any one could put me in the write direction?

I bought a new construction and it takes and year to finish and close, I have a primary residence but we already rented it out with a cashflow of $600 and their lease is ending in June and we are renting an apartment for which I am paying a huge rent(which I think is a waste of money). I am planning to buy another home for an year may be a townhouse or a condo but my lender says it might be a problem for me to get loan approved for the new construction home again in an year. 

Options that I see:
-> Move back to my home by loosing the cash flow

-> buy another home on somebody trust worthy's name

-> Buy a new town home and take a chance of not loan approval

PLEASE advice what can I do to keep the cash flow and not pay huge rents? any help is appreicated