Failed FHA multifamily option that cash flows 2,000+

[Ben Burnap]

Looking for some advice here - I am in a bit of a time crunch so just looking for some fast advice. Any help is greatly appreciated!

Ill try to make this as brief as possible. I found a 3 family in my area in hopes of house hacking it. I settled on a FHA 203k loan for multiple reasons, the main being that I don't have enough money for a down payment on a conventional loan and to build equity in the renovation.

My numbers were as follows with a FHA loan with 3.5% down and a rate of 4.99

Total rent - apprised at 5100 (low due to lack of comps in the area) - Actual would be 5400-5600

Monthly payment (everything included) - 4200 (420 PMI)

Would have built ~50k worth of equity in the rehab. 

I went through the whole FHA 203k process and then right before closing ran into the self sufficiency rule about (payment can't be above 75% of total rent). I went back and took 50k off the rehab and put 10k more into so it would lower my payment enough to meet these guidelines, and although this would have passed I realized I didn't have enough cash to close. After discussing other options with several mortgage brokers (I don't qualify for a conventional loan and an FHA loan wouldn't work either) I realized this deal is going to fall through. I don't think any sort of financing with just me is going to work.

I still have the house under contract and with some basic math I know this house will cash flow 2,000+ a month if you do the necessary renovations and put down anything even close to 20%. I also have it under contract for an amount that I believe is less than what it could sell for. The first thing that came to my mind was wholesaling (which I know very little about, and have no experience with), and also going into the deal with a partner (which I have never done and know very little about.) If anyone has any other suggestions for me I am open to anything, thanks!