Need Help with Acquisition Strategy

[Brian Faust]

Expired listing, had two parcels packaged together as one. One of the parcels is a small SFH, the other is a multi-unit.

Seller doesn't want to split them up, which is ok with me, I'd like them both anyway and I'd like to break down the multi to a large SFH with a nice lot as I think the return on the flip would be best for the area as compared to renting 3-4 units (average rent in area isn't very high and cash flow on this would be very tough to get to $100/door per month).

My predicament comes in the way of financing.  I'm just starting out as an investor, have around $30/40K in cash but that won't be enough to acquire both parcels.  

I managed to work with my local bank and they are will to extend a LOC or structure a financing plan similar to a 203K or Homestyle Investor loan program, without all the red tape. But my $30-40K in cash wouldn't be enough to cover the downpayment and closing costs on this project. (I'm looking at close to $200K in acquisition and rehab costs for both parcels).

Owners own properties free and clear, I know the husband enough to feel comfortable that he would be open to communicating a different strategy/method of buying both parcels either at different times or by some creative financing method.  But I'm unsure how to structure or what method might work best.

My first thought was to rehab the small SFH first, flip it, and then with the profits (and my original cash amount) I'd have enough to cover the large multi acquisition and rehab. I'd rather not go through two closings, if possible, though and I'd prefer to own both or at least equitable title to both straight away.

Any thoughts?