Equity in Seller Financed Home

[Kelli Thomas]

Hello! We have a unique situation I am hoping you can help us get creative on! 

We purchased a home last summer, seller financed for 20 years. We have 100-150K in equity in this home. We filed bankruptcy a few years back and can't get an FHA loan until June 2018. Conventional is even further out in 2020.

I quit my full time job a few weeks ago to dive in to real estate but haven't established any leads yet, my husband has a full time job. 

Our goal: get the equity out of our current home, pay off debt, purchase and move into a multi-family for a small house payment and rent out our current residence. 

We really don't want to wait until next summer to make some things happen, and we really don't want to refinance our current home into an FHA to get the equity out. We do have some cash in the bank right now but unless we make some creative moves, we need that to live off of.

The only thing I can think of is if we found a multi-family that someone would be willing to seller finance for us with a low down payment; however, it's been our experience that seller financed deals are hard to come by. 

Do any of you have creative ideas for us, things that have worked for you in similar situations? Any ideas you have are appreciated!

Thank you!