It really depends on your market, and what your state allows.The market could be so hot that many Buyers are clammering for the same inventory. 

as a buy and hold investor and Realtor, I can confirm that inventory is tight and well priced units move fast.  

There are hard money lenders for both short-term and long-term loans, but they are most known for the short-term rehab loans.But understand that the long-term hard money lenders will be more expensive than conventional loans, so always go for those first. 

Are you already through your allowable conventional loans?  

If you are looking at the Bronx as a long term strategy keep an eye on the area on the Grand Concourse from 138-161 the closer to the trains the better, there isn't a ton of inventory there but that general area should see quite a bit of development and REI interest in the coming years.

@Jonathan Edmund I am not sure what the owners terms are but I would assume they will not be better than going with a conventional mortgage.

Our congregation has about $30,000 to put down on the home but the monthly payment would still be out of our price range if we went the conventional bank loan route. 

If there's a college near by or convention center or something.

I've never encountered such low inventory in my life! 

First, you aren't permitted to borrow funds, unless those funds come from a piece of real estate, to purchase an investment property with a conventional loan (meaning Fannie/Freddie loans).