Considering First Deal without conventional financing

[Max Briggs]

I started buying rental properties last year and purchased two in my area that have been profitable thus far.  I am looking to purchase another property but the house only costs $27k and I cannot find conventional financing for it.  I am considering taking out a personal loan from a bank at about 8.5% interest to purchase the home as well as make the necessary repairs (~$5k).  The term of the loan would be 3-5 years, which makes my cash flow go negative, but after the three years it would produce roughly $400-$450 per month in profit (after taking into account maintenance and vacancy).  I do not have the money to buy the house cash.  Should I take out the personal loan and use the profits from my other rentals to pay the loan back ASAP, or should I seek another means of financing, or should I hold off until I accumulate enough funds to pay cash, or find another home that I can purchase with conventional financing?