Advice while waiting on conventional Financing

[Andrew Frishman]

I'm hoping someone could give me advice. 

I am in the process of getting a falsely reported pandemic "late payment" removed from my Credit history, from a year ago.  My Credit is 720.

I have a down payment/ hold on a single-family rental.( 3/2 1500sq/ft).   Assuming I get declined for conventional lending, due to my one missed payment, Does anyone have a suggestion on how to approach/ negotiate with the home builder on financing the rental property?

I know it could be 1-2 months until conventional lending is secured?    I am willing to put down 30-50% down payment to have more skin in the game.

Advice please....

Andrew