Going for my first rehab property, looking for advice.

[Sergio Baerga]

Hey bigger pockets members. I have been here for a few months now reading the books watching the videos listening to the podcasts, etc. Almost closed on 2 deals but fell through (but learned a lot during both experiences)

I am stuck in this situation, and as I am new to this and I would appreciate any help or advice given to me. I am even willing

After running the numbers on different properties over the past few months I came across a property that works on the calculator. 

I have a certified contractor with experience and a large team who is down to do the work. 

I currently have $120,000 saved cash. 

Im having issues with financing. I have 800 credit and minimal debt and income over 6 figures. Low debt to income ratio. 

The property is being sold for $100,000 and the renovations will run me $160,000. Great location was being built and left incomplete. It is a 4plex, but supposed to have 2 units on the top to turn it into 6 units. (my contractor will build the 2 extra units on top)

I can get 6 units out of this investment at $850 each unit. 

BANK SUMMARY SO FAR

(#1 I live in Puerto Rico) Some lenders will not lend because of this. Some banks lend in P.R. as well as states. 

I have one bank who will finance me the $100,000 but not renovations. (about 10k closing and legal fees and 5.5% interest)

I have one bank who said if I buy the house cash and they will loan me the renovations. (5.5% the total amount loaned  plus 6.5% interest monthly.  

My main property is worth $330,000 and i have $160,000 equity on it. (In PR my bank will not do a home equity line of credit, only refinance the entire house which will run me over $10k in closing costs)

I keep reading on how the ideal situation is to pay as low money down as possible. 

Can someone shine light as to how to go about making this happen, I see that it is a little complicated for a first deal however the contractor is great and giving me a good deal on the rehab. 

Thank you for reading and any input, reading recommendations, or advice, or leads would be greatly appreciated.