That can potentially be rentals, real estate syndications, private lending, or other alternative investments. 

My strategy is that, best case scenario, I will take over his hard money loan or come in with a private money loan to pay off his hard money loan and to rate and term the hard money -- private loan. 

Private Lenders/Investors: Tap into private lenders, equity partners, or hard money lenders to finance a deal.3.

Currently, I live in Hawaii, house hacking my own property, and am looking to expand into out-of-state long-term rentals.My goals now are to master the art of wholesaling, continue raising private money, and build a strong portfolio of long-term rentals.

- Are there alternative financing options, like private lenders or hard money loans, that could be suitable for someone with fluctuating income?

They sit empty because the costs to update them to code make a project unfeasible for private money. 

They might not be able to finance the entire purchase amount like other investors using hard money or private money, but they have been doing it long enough to build up a bankroll that can pay for down payments and repairs.Final ThoughtsThe 70% rule is more of a guideline, not a hard-and-fast rule.

Research financing options like conventional loans, FHA loans, owner financing, or private lenders.Good luck!

However, an option holder won’t be able to stop a private sale from occurring (unless they find out about it before hand and obtain an injunction); the option holder would most likely need to initiate legal action after the fact. 

 @Jackson Hanssen Private message sent.