property delima: can't use conventional; cant insure

[Annette A.]

I have a delima. Go. what would you do if a property you have had your eye on for years. (She is going to give you first options and you have a few months to figure something out. (til this spring) it  is a MUST sell- she must cash out, so there can be no owner finance of any kind.)

I am thinking conventional is out cause its an older house that needs repair and is not up to code to aquire insuance. 

what are some possible options of doing this? about $200K needed to buy and fix.