Financing new home after short sale

[Greg Keeley]

I completed my short sale May 9th 2013.  I missed the final 3 payments on the old loan in order for the bank to approve the sale.  Fast forward to today, I currently own a townhouse with owner financing in place (since March 9 2013).  My credit score is 760, I have a pile of cash and I am ready to buy a new house and use the current townhouse as a rental.  I am unable to get any sort of financing from a bank/credit union for the new house.  

I owe 47,000 on the current townhouse and I believe it is worth 70-75k.  The house I am looking at, I would offer 120k.  I have about 80k in cash in the bank, so paying cash isn't an option on this one.  

I guess my question is, what other options would I have in order to buy this property?