House Hacking Financing

[DeAnna Fraser]

Hi everyone!  I'm an investor in NY and have put an offer on a multi-family unit that has two units with the potential to add another (in the already existing space).  My husband and I would live in one unit but we need to finance the deal, using hard money and private money as well because the home is in foreclosure and needs to be renovated before moving in.

How would you structure the financing?  There aren't many banks that offer 203k loans in our area and we would prefer to have more options with contractors as only a few work with 203k loans.  

Would you use hard money and then refinance?  There aren't many multi-family units in the area but it's an extremely desirable neighborhood in a great school district, so we are eager to move forward

Any advice is greatly appreciated!!!