As-is the house is worth about 250k and will be worth well over 300k once rehabbed, but I’m hoping for 24 month loan.

Here are highlights of the program right from their website:Program Benefits-A 30-year fixed interest rate mortgage loan, several rates and loan options available-Down payment assistance (DPA) 3% to 5% of the loan amount-You do not have to be a first-time homebuyer-DPA provided as a grant (never needs to be repaid) or 3-year deferred forgivable second lien loan-Available statewide through a network of participating lenders.

Then we will continue to close the $5M SBA loan showing them that we have that gap... and proof of funds at that time

Hi Kiley, the first thing you need to do is ensure you are paying taxes on your rental income - you’ll need 2 years if you want a conventional loan.

Unless you are an experienced builder, securing a bank loan can be difficult, and hard money loans often have high interest rates, which can become costly if your project faces delays.

My main dilemma is on financing my first investment property, as I do not have the funding to pay 20-25% down on a loan for investment.

I am not sure how to make the initial purchase...If I use a private loan? 

Fred Rewey and Tracy Z. have a great course on performing loans and who i would recommend for performing.

I don't think I qualify for any conventional or FHA loans as I don't have long enough income history.

Conventional loan, excellent credit and reserves, nothing owed on the property and the property is seasoned.