Florida owner occupant delayed financing AND standard 203k

[Mike V]

Hello everyone!

I am currently in the process of purchasing a foreclosure as an owner occupant. Here is how the deal breaks down:

Location - Florida

Current Sq. Ft.  - 500

Under roof (garage/workshop included) - 1500

Over 5 acres of fenced property

Our offer - $37k

Closing costs - $3k max

All the home needs to qualify for conventional loan is to have new kitchen appliances put in. 

ARV after new appliances as per realtor/comps - $65k

We would like to purchase the property, put in all new appliances and immediately refinance using a delayed financing loan to get our $40k out to service unrelated debt. Also, we would like to get a standard 203k loan (or something similar) at the same time to convert the garage/workshop area into a livable space. This would make the home a 3 or 4 bedroom 2.5 bath with current ARV based on realtor comps coming in at 150k to 165k. Foundation, roof, electric and water are already placed throughout the entire 1500 sq ft area so this will cost less than a typical addition, about 50k as per local investor. We are in the process of getting quotes from local contractors to substantiate that 50k estimate.

Buying a 150k home for 90k while renovating it to our liking sounds great on paper but I am running into seasoning issues. Can anyone recommend a way for me to get 40k cash and 50k for upgrades on day 2 of ownership of the home? (day 1 will be spent placing new appliances into the home)

Thank you in advance!

Michael