Please help me find a loan!

[Daniel Vanhala]

Hi. This is kind of a unique situation and I need help finding a loan. 

My grandmother's house has just been listed by the current owner (15 years). List price is $80k. I am currently working on a live in flip, so I couldnt quality for fha or anything lower than a 20% conventional.

I wound want to rent it out. Its in a medical district and would rent for around $1,200 - $1,400 per month. 

I have enough for a 5-10% down payment and I'm positive I could get the seller to cover the closing costs at that price.

I don't even care if the interest rates are extremely high. Even at 12% the total monthly bill would only be around $900

I know I should wait until i can afford 20% down, but this being my grandmother's house, I'm kind of desperate.

Background: Illinois licensed home inspector, handyman/carpenter, currently working on first flip to be refinanced and rented, 780 credit score

[Daniel Vanhala]

Quote from @Quincy Jones:

Arent there fha rehab loans? If you are a veteran or a child of a veteran I think theres VA loans available. But you have to live in property for a i think a year.

 I could be wrong, but since I have a current residence with a mortgage (the house I'm live in flipping) I couldn't qualify for a fha 203k loan. Please correct me if I am. (I am not a veteran, neither are my parents, only one grandfather)