Having a hard time lining up a loan for a commercial property

[John Gerwatosky]

Hi,

I have an off market property in Toledo, OH that I have been trying to acquire financing for. It is a 6 unit property for under $100k. It is a great deal and the owner is willing to wait for me till I line up financing. However I have been running into the same two issues, which are:

1. The property value is under $100k (Or it is under $30k a unit)

2. I do not live in Ohio (I live in Southern California) 

Have you experienced these issues as well? My credit score and income are more than adequate to be approved for the loan (I can put 25% down). I am at the point where I have thought of different options to secure this unit, which includes purchasing and getting loans 4 other SFR or Duplexes from the same owner and inflating the price by about $20k a unit (4 units would be $80k) and then he can deed the 6 unit into my name while I finance the other 4 properties. Has anyone had experience doing this? If so, how did it go? Did it work?

Please advise if anyone has a different idea to help secure the 6 unit.

Thank you,

John