203k type loan for a shabby duplex?

[Dane Michael Lannon]

Hey all,

Looking at a set of duplexes that are currently rented but they're in rough shape. Each one needs about 30k in renovations, but they're "liveable" if you're into the slumlord thing. We have the cash to purchase, but not to renovate immediately. We'd rather use the cash as a downpayment on a creatively financed construction loan. Most banks won't loan on the condition that they're in, and my understanding of a 203k loan is that it can only be used for single family. Any advice?