BRRRR initial financing

[John Huegel]

Hello. I recently won a bid on a sheriff sale property in the Youngstown/Warren area. I had originally planned to fix and flip the property but due to the location (near a lake), I am considering fixing and holding it (rent and refinance). One of the lenders I spoke with suggested a "fix and hold" loan (vs "fix and flip" loan) which can then be converted to a traditional mortgage, eliminating or reducing the seasoning period.. This lender would not finance the project due to being designated as a "rural" property (although it is not). I also do not have many official flips under my belt, therefore, I have been rejected by a few lenders due to that.

Can anyone offer advice on how to finance this project and/or lenders that might have more relaxed lending requirements?

Thanks in advance!

John