Rehab loan for prop I bought with cash

[Andrew M.]

I want to preface this that I am not using this post to shop for loans. Any commercial services will be ignored. I am simply looking for information regarding the feasibility of my plans.

I've been looking to buy a rental prop that I can rehab with a fha 203k loan and pay off with the cash flow. Recently however, I found a property that fits the bill but its so cheap I could buy it for cash and on top of that the buyer wont even entertain a financed offer. I have the money to buy the place cash but nowhere near enough to finance the rehab.

One important thing to note is that my strategy for this is long term cash flow NOT FLIP. I could possibly use a hml and refi but i would prefer not go that route as i percieve it as risky.

Has anyone heard of banks that are willing to to 203k or other similiar rehab loans for properties which are already owned out right. If so how was it structured?

Any other ideas on how I could creatively finance this?