How best to make this happen?

[Gary Newsom]

So here is the situation.. while searching for a new property to locate my home and business, I came across a property that has really good upside potential. I actually have it under contract. I considered buying it to do what my original goal was, which is a place to live personally with enough space to put a house for my mother in law and some garages/carports to house my vehicles ( I am in the ground transportation business). This property would work for that but I don't think it is the best use for it. The property is 2+ acres on a corner lot in an area that is currently somewhat rural but is filling in fast. The county's master plan has the area earmarked for potential commercial development. The price is $143,000. The property has an old house on it that would take about $20,000 in order to be rent-able. I don't think there would be any problem getting it to appraise favorably at $163,000. I also don't think there would be any problem renting it at $950 or so. The plan would be to fix it up to rentable condition and wait. I think within 3-5 years it will be very attractive as a commercial property. There is also a reasonable backup plan. With the two acres, the property could be split into three parcels and developed that way residentially. So why don't I just move forward and buy it on my own conventionally? Good question. The reality is, I *have* to buy a new residence that will do what was described earlier. We have identified the property and it is under contract. It will need to be a 203K. I am worried about any activity that would be picked up by a credit report while we are working on the 203K. We hope to close on the 203K within the next six weeks, but we are supposed to close on the property in question that I need help on by July 31. My real estate broker is working on a deal for this property also (he is interested) but it will be more of a partner situation. I am Ok with that in general...I know that part of a good deal is better than no deal at all :-) but it occurs to me that I might find another way and should actually be searching on my own anyway. Is it possible to find a private investor or pull together a small group of investors to help finance the property for a couple of years until I can do a different finance deal or sell it? I have good credit, can put some money in, etc. Ideally I would like to borrow, say $150,000 at an attractive interest rate to the investors that is secured by the property. Is this do-able? What is your advice on how to go about it? Thanks in advance for your replies. I will be watching this thread closely for questions/comments and will reply to all quickly.