Need creative financing for my current foreclosure and rehab properties

[Malcolm Burton]

Malcolm has 3 properties currently. Two are in foreclosure and one is not but needs extensive repairs. Malcolm's objective is to get them out of foreclosure and make them income generating properties. This can be done either by doing a short sale to an investor who in turn leases it back to Malcolm or mortgages it back to Malcolm via owner financing for a year until Malcolm refinances out. Or it can be another method, Malcolm is open. After repairs, the properties collectively can clear 5000 after mortgage, taxes, insurance per month so the potential is there. Because Malcolm originally negotiated low short sale amounts on the properties, it is worth the effort to try to either find an investor to help Malcolm refinance or short sale but with a lease back. The ultimate goal is for Malcolm to keep the properties in my name or either eventually get them back into my name. Malcolm has BPO and so forth as well as repair quotes. Malcolm went through the entire process and we were just days from closing so the ground work for approval was already laid.

There are 3 properties all brick:

6624 Marquette in Chicago
2 unit with no repairs necessary except maybe minor interior cleaning normally done when a tenant leaves. Bottom unit rented with 625 and top unit 3 bedroom rented for 900 with section 8. Now will rent out second floor to new tenant. Lender approved short sale for 59k. Originally purchased for about 255k. But foreclosure coming forth in early March.

4801 Grasselli, East Chicago, IN
4 unit brick. 2 top units operational. Malcolm lives in one and tenant rents other for 650 per month. Two bottom units need repair quoted at 7500. Three 3 bedroom and 1 one bedroom. Each unit can be rented for 650 or more on the low end. But malcolm makes conservative estimates only. Lender approved short sale for 67k. Originally purchased for 147k. But foreclosure early March.

8016 S. Paulina in Chicago
3 unit brick with basement. Each unit has 3 bedrooms. This building is not in foreclosure but original loan package included it with a lot of repair funding. Repairs are about 75k. Lender provided half with draw schedule based on progress. Units originally rented for 950-1000 each. Originally purchased for 300k, Lender approved short sale offer of 30k.

Malcolm's objective is to long term retain the properties due to the investment made in them etc. The gross rent total after repairs is about 7k. The mortgage note for the original load package below was 175k including repairs and 140k without repair funding.