Buy with cash then take out conventional mortgage

[Jack Zuchars]

It has been probably discussed before but I can't seem to find a good thread.

Since sellers like cash, I'm thinking of pooling my own and my friends' reserves and make cash offer. If accepted (and after closing), can I apply for a conventional mortgage ? Is it even possible? Or I'm stuck with taking out an HELOC? How soon can I apply for a mortgage?

Anyone has any advise on how to write up the loan agreement with my friends? They'll need the loan secured by the home, right? Will that create a problem with conventional mortgage with the bank?

thanks