Need help financing a deal; all advice welcome.

[Billy Barnes]

Hello everyone, I just moved to the Pensacola area and still discovering local groups to network with, so when I found a couple of properties that I'm interested in, but I honestly just want to talk shop and discuss how to progress to the next level by pick everyone's brain. I have posted on here before and some people pointing me in the right direction where to look. 

The challenges we are facing are:

Real Estate Agents are being flaky with us; they are not showing up because they have forgot about our appointments or just disappearing on us, or they promise to get back with us and never do, which is frustrating. Though people did reach out on my last post. 

I'm ready to go forward. The problem is I don't have the full 20-25% down payment, I have 10k for myself, so I will need to find someone to work with for my down payment and potential future deals.

The first and main property we want is unique; it is a single-family home WITH a triplex on the same lot. The people I have talked to about financing this deal tell me they won't do multiplex on a single-family or they will make me get two loans for the single-family and triplex which drive up the cost of the down payment, so I am interviewing more financing institutions and/or specialists but advice here would be welcome.

The plan is for my business partner to house hack one of the units, while working on the ground to fix up the property, while I work on the business side, playing to our strengths.

My notes for this property:

Pensacola Fl 32507 – $349,900 - 1938

On the market for a total of 268 days – estimated $1667 mortgage

Single-family (1200 sqft) home with 3 unit in triplex (upstairs-1150 per month - 1422 sqft) bottom 2 units (ea. $800.00 per month-600 sqft) possible AirBnB would produce more income per month.

1150+800+800=2750

Expenses: Taxes $150, Insurance $100, flood insurance: Vacancy $100, Repairs $100, Cap Ex $100, Mortgage $1667 Utilities: Renters responsibility, Total $2217 per month

Cash Flow= $533 per month

Cash on Cash return: need total repair costs

Pros:

Great neighborhood

Turnkeys come with properties

No major issues to the home found in the last inspection.

Found no liens or back taxes

Concerns:

1.     AC/heating was not active upon seller’s inspection

2.            Dry rot in certain areas

3.            Damping system install for chimney

4.            15 year old roof

5.            Damage to base of the chimney

6.            203K loan?

The second property is the one we will most likely have to go with because less of financial demand.

Duplex-$182,500-built 1960

On the market for a total of 325 days - Estimated Mortgage is $947/mo.

Duplex (2041 sqft) 3 bedside rents for $950/mo. while 2 bedside rents for $800 per/mo.

$950+$800=1750 per/mo.

Expenses: Taxes $150, Insurance $100, Vacancy $100, Repairs $100, Cap Ex $100, Mortgage $947 Utilities: Renters responsibility, Total $1497 per month

Cash Flow=$253 per/mo.

Pros:

1. New roof 2019

2. Lower price, easier to maintain.

3. HOA takes care of Trash, Water/Sewer

4. Central Air

5. Safe area

Cons:

1. Further then the area we were looking at.

2. HOA

3. Looking to house hack, a duplex can affect that.

Any advice is welcome, if interested in helping out or want a part of the deal feel free to reach out.

I'm mostly looking to talk shop because I love Real Estate Investing and learning, to network because I don't know anyone here yet. Feel free just to post, to critique, if there is a mistake I didn't catch, or just to network yourself. 

Thanks everyone.