How do I finance this thing?

[Jesse Aiken]

Hello BP members! I could use some advice, info, anything I can get my hands on...

Here's my situation:

I just closed on my second duplex in August and have been planning to work on systems and build capital before marketing to 4 units toward spring. I made it known that I will be looking for 4 units and got an off market lead through my network for just what I'm looking for and it could be a good deal. 

Problem is, I only have 30k in capital and would be looking at 25% down plus closing costs on a purchase price of between 130-150k. I haven't looked very closely at it yet but if I want it or I'm in this situation again, I need to figure out how I would finance the deal.

Here's what I'm thinking:

1) Ask for the seller to finance if possible. I don't know if that's an option especially since he bought it in 2008, but you never know and I'll definitely ask. This would be the best option with the right terms.

2) Borrow the difference needed to close from a private lender and refinance them out after seasoning. I'm not sure how I would do that with bank financing since the PML would have to be a second...not sure if anyone would be willing.

3) I had an idea today that I might be able to get a personal loan for the difference. Has anyone done or had experience doing this?

4) Bring in a partner. I'm not thrilled about that idea on this particular deal because I plan to hold long term and don't want to be tied up with another investor for a long time.

5) Get an FHA loan and move into the thing. I'm not sure if I would want to but might be willing if it's a great deal. I know I would have to pay PMI but would refinance into a conventional or commercial product after a year and pull equity at the same time. As long as the cash flow is still acceptable during the first year I could live with it.

I'm wary of over leveraging but I do have an unsecured LOC for 10k for emergency reserve and would want to keep that out of the deal for 2 reasons: Its high interest and without it I would be tapped out and in trouble if bad things happened. It's a bit of a safety net at least.

Any ideas, experience, suggestions? I would really appreciate any input