Not sure what kind of lending I can get

[Carly Turow]

I would like to buy my first rental property for both cash flow and appreciation (my area is appreciating quickly).

Type of property: multi-family - It's a duplex, with 2/1 in each unit. Seller mentioned one of the units converted a room into a studio (?) but I'm a little unclear about that, still. I'd probably want to change it back to a 2/1. 

Location of property: Fort Lauderdale, FL

Purpose of financing: purchase, rehab/reno, down payment

Type of financing sought: Not sure. I am not eligible for conventional loans/FHA due to lack of consistent 2 years of W2s. I also do not want to use hard money due to interest rates and also potentially running into issues refinancing later on. I don't know what other financing is available for me.

Current or prior ownership of real estate: I have now owned any property yet.

Occupancy: investment with traditional long term leases

Value of property at present and/or your offer price: I'd like to offer between $210-220K 

After repair value: according to a couple of comps that were 385k and 455k, so I will say ARV of $400

Anticipated or actual appraisal issues: Unsure

Current rents per month: $0, no tenants for the past 10 years in this duplex

Fair market rents per month: according to BP, 2/1 apartments in this are between $1,460 to $1,740, so I will take the middle of $1,600

Down payment or equity: I won't have funds for a downpayment, however, I have a relative that has offered to do so. 

Source of down payment funds, if applicable: A parent would front the down payment. I'd like to be able to refinance in such a way that covers his investment within a few years of the purchase.

Income Source: 1099 independent contractor, I begin in 1 week (am in onboarding) and will be scaled up in client load each month, to 55k income within 6 months of employment (and higher if I choose to take on additional clients). A growing, established nutrition/fitness company to which I am a nutrition/fitness coach to clients.

Gross monthly income (optional): will be $4,500 in six months. My monthly expenses are only $1,400.

Monthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: $0 I have no credit card debt or child support, etc.

FICO: Excellent/good 750

Credit issues: none

Additional details: If there is any option to find a lender or method of financing that will cover the purchase price (TBD) as well as the estimated repair costs up front, I would like to be able to pay back any leftover money that was NOT needed for estimated repairs - without any consequence, and re-calculate the loan and payments according to that. I'd like to have the option of refinancing in 1 or 2 years if possible, to pay off the initial lender as well as my parent that fronted the down payment. If there are options I have not heard of yet, please let me know! I feel this is a great investment opportunity if seller accepts an offer at 210k. 

According to the BP rental calculator, assuming:

my number estimations are relatively accurate

I was able to find a lender to replicate the same interest % and loan term as a bank (30 yrs)

Lender would provide 70k in estimated repairs in addition to 210k purchase price (loan total of 290k)

...this would provide a cash flow of around 800-900/mo.