2 houses on 1 lot in Charlotte, NC

[Travis Bernard]

Hi Folks,

I am interested in buying a property, that has 2 houses on a common lot, to move into as a primary residence. There is a 3/2 house at the front of the lot, and a 2/1 at the rear. The 2/1 needs a full rehab, the 3/2  is move in ready. I would plan on livinig in one and renting the other, staying for a year or so, and then renting both out while I found another property to rehab/move into. I talked to a lender and they said I couldn't do a conventional rehab or 203k on this type of property, but possibly an investment loan. I don't have a ton of capital, so only putting 5% down would help get the deal done, instead of 20-25% for an investment loan. Does anyone have experience with this? 

I am also thinking I could buy the property based on the completed house, then split the lots, and come up with the rehab money in other ways. Anybody have experience with doing this in Charlotte / Mecklenburg county?