Newbie- First Deal Guidance Needed

[Victoria Pena]

Hi everyone! I'm a newbie investor living on the west coast but starting with my first investment for STR/AirBnB in upstate. It's a market I know very well and have a growing network via my boyfriend's first property purchase this past year. Although I didn't plan to buy this quickly, I came across a potential deal that I think would be a great opportunity. I've done a lengthy amount of research on the market and feel confident on the AirBnB regulatory environment, tourism demand, etc.

Listed price- $229K, realtor thinks we can get it lower (on market for a while)
Projected cash on cash ROI- 57%
Current amount of my own cash saved: $42K

I'm trying to get pre-approved fairly quick so I can put in an offer this weekend (there's one more offer). Since the timing was earlier than I expected I now planned to use some private investor $$ to help cover the remaining down payment/closing csts. A lender I spoke to on the phone for pre-approval said I could be covered for 200K purchase price however, the full downpayment/cc would have to be my own money. If I wanted to get investor to contribute to down pmt it'd have to be sitting in my account for 2 months. the amount I have saved up right now is $42K I'm a little lost on where to go from here as it likely will not be enough for the property.

1. If I have more $ within my 401K / other investments, can I reference that as $$ I have (even though I may not use those funds) but then actually pay with private $$?

2. Is there a way to get a smaller down payment % so that I can front the full amount? 

3. Are there other creative ways around it? Talk to another lender?

4. Should I say no to the deal and wait until I have more funds?

One more thing to note is I plan to do a bit of rehab and to also have that either in a loan or via private $$, I'm assuming that doesn't have to be included in my upfront cash needed for purchase.

Thanks in advance for the guidance. I've spent all my time/research learning the STR market the financing side caught up with me real quick.