How to Pay in Cash without Enough Cash on Hand?

[Christian Hubbs]

My wife and I found a property in foreclosure yesterday that we love! It has two units, we plan to rent one and live in the other, and looking at the numbers, I think we can get cashflow out of it. It's in relatively good condition (the previous owner was recently sent to jail for running a Ponzi scheme) and in a good neighbourhood. The trouble is, they'll only accept cash, but we only have enough for 30% down, which would annihilate our budget for the cosmetic upgrades and purchasing appliances - which are missing. We wanted to finance via an FHA but given their cash requirements, I'm not sure how to approach the financing or structure a deal to take this further.

Any thoughts on how to get cash when you don't have it or another way to approach dealing with the bank for a foreclosure?