Best way to go about purchasing first property. PLEASE HELP!

[Jonathan Berridge]

Ok so let’s start with some background info, I’m a General Contractor living in Westchester NY, paying way too much money to live and looking to get out paying mortgage money in rent. Anyways I’ve found a property, legal 2 family that needs some work. Purchase price would be 345k, rehab another 60k so 405k total cost. Not only do I not want to deal with the restrictions on a regular 203k loan but I also wouldn’t qualify based on current credit score still damaged from being young & reckless. (510 FICO) total debt is only around 6k (I know, I know, I need to take care of it). So I guess I’m just trying to find out if it’s possible to still make something happen or if I’m dreaming. Assuming I could secure the loan, I do have access to 10% of the total cost ($40,500) & possibly slightly more to cover closing costs. Is it possible to get a hard money loan on this? I know those are short term but if I renovated and brought the value up could it be refinanced & then owner occupied in one of the units? Also home is currently been foreclosed, not sure if that makes a difference. I do have people close to me with great credit but they can’t prove a high enough income to qualify for conventional. Can anyone point me in the right direction here? thanks In advance, I’ve learned a lot so far from this forum.