Initially they said they would make payments to me and crap like they have millions in assets, just no liquid assets. 

The short sale real estate agent should be able to advise you on all of the loss mitigation options and laws specific to your state and help you with each option prior to listing for sale as a short sale and trying to liquidate the property.

It’s not quite as easy as having the liquid cash to invest.

If the cash-out refinance option isn’t providing enough liquidity, you could also consider a hard money loan, though these tend to come with higher interest rates and shorter terms.

The great part about contacting the CDC directly (and a large one such as TMC) is they can make referrals to banks that would be interested in your project (i.e. banks that have been actively doing SBA hotel loans)...rather than you having to chase down the bank first, which can be very difficult.Regular commercial lending requirements are applicable (will vary by bank):1 - no bankruptcies2 - no foreclosures3 - FICO > 7004 - net worth >= loan amount5 - post closing liquidity >= 12 months of P&IIf this works out, you are going to be glad that you made this post.

The keys words are liquidity and cash reserves.

(I don't have $10k liquid, are there other options or do I just need to save-up for a few months?)

The financial of property is good:      DSCR = 1.3; LTV = 45%;Both my liquidity and net worth passes Chase's test.

So I ended up using 0% interest business credit cards which I liquidated to purchase and renovate my property (total credit limit of about $95k total).

This would provide liquid cash to reinvest or use for other financial goals.