The only two ways to rectify this are (1) purchase the property far below market price or (2) significantly increase the property net income usually through some method of “repositioning”. 

Step 1: Get preapproved for an FHA loan for the purchase price you are looking for.Step 2: Connect with builders until you find a few that will finance the construction of your home. 

You can find some 2 units under or around $250K but they have been sitting on the market for over 150 days which tells you its not a great deal if it were an investor woud have already purchased it 4 month ago.  

So, you can do a land contract for 12 months, which should allow lender to credit you full value of the land vs the purchase price, but the loan will pay off the land contract, so the lender maintains first lien position.Can't help you with the rest of your question, but you should be able to search for "CPA" here on BP to find experts to reach out to.

You can purchase a primary home with seller financing, then rent out the spare rooms to generate income.

I wouldnt give any consideration to what the seller needs in order to break even in determining the purchase price.

I have helped many new investors purchase their first property in Memphis and LIT.

You might consider hard money for the initial purchase or going with a DSCR type lender if you find something that is more turnkey.Hey!

Now days you don't buy a deal you make the deal either with how you operate the property, how you finance the property, or how you purchase the property.

Quote from @Jaren Taylor: Quote from @Stuart Udis: Depending on the transaction sizes you are pursuing, raising money to purchase property without debt requires either an incredible network of relationships or devoting a lot of time and effort to raising money.