His buyer bridge virtually the entire gap because my protege would have converted to rental and not sold if the gap was not bridged (value of multiple exit options). 

Purchased with 12-month bridge loan; Refi after tenant moved in.

Second option would be to find a bridge loan who (for a suitably high interest rate) would let you buy it, then get the survey done yourselves, and refinance.

Also once the bridge loan matures and they send the request for payment you usually have 30 days to pay.

You may be able to get a bridge loan, until you can refinance, or you may want to look for an asset based lender, typically they can lend on investment properties at 70-75% LTV.

@Jason Forman I would recommend Sherman Bridge Lending, I've had many investors use them for projects with great success, I'll PM you the contact info.

My father has a 401k and is open to diversifying into real estate.Does my low income tax rate mean that the depreciation I may not be able to apply to this place is water under the bridge?

My father has a 401k and is open to diversifying into real estate.Does my low income tax rate mean that the depreciation I may not be able to apply to this place is water under the bridge?

My father has a 401k and is open to diversifying into real estate.Does my low income tax rate mean that the depreciation I may not be able to apply to this place is water under the bridge?

@Srikanth VadlakondaI've closed bridge loans in about 7 days several times.