New member seeking advice in SoCal

[Luke Aragon]

So my wife and I have been putting in offers but keep getting beat out by all cash offers. We want to use a renovation loan to purchase and fix up a house or condo to live in but, it seems to be impossible unless we put in a cash offer even though we are already preapproved for the Reno loan. So here's my question, if I find a friend or family member to put up the money approx 180k, would I be able to then use the Reno loan to pay the friend or family member 190k (10k profit) and take out another 50-80k for renovation? This particular property has comps at around 350k.