The more you talk to them, the better you will get at overcoming their objections and finding the solution. 

Shortly, I will have this property closed & I can begin the search again for a creative solution to my lending woes.Best of luck to all.

It's low enough that you could probably finance it initially using credit cards or maybe a hard money loan as others have suggested, but these aren't good long term solutions for a rental and that's where the bad part of the low price of the house comes into play.

I don't see an easy solution.

Renting it out is just a simple solution for now.  

Should I just be patient or can I find a solution within the next six months?

Really the best solution would be to find an agent like @Wayne Brooks who is one of the most knowledgeable an intelligent posters on this website. 

William there are two ways you can help this seller using leases and optionsYou have to ask yourself whether not the property is going to appreciate overtimeIf you feel it's not going to appreciate, you need to get a price below the market today on your option with the seller,  if you going to do a sandwich lease option and stay in the middleIf you going to do a lease option assignment where you lease with an option from the seller and assign thevdeal to a buyer for fee, it  doesn't matter what the price is as long as the price is today's value or lessWhen I talk to sellers I don't talk about lease is an option, I first go through three columns landscape in a yellow legal pad,  and show them the basics of the choices: 1) sell with an agent and pay the customary costs include sellers concessions, agents commissions, closing costs, vacant house holding costs, etc.The first column it's important to go through an example of their house value; what ever  the fair market value is, do that exercise so that the seller truly understands he's going to net a lot less money selling agent than ur solution2) Second solution entails leasing out with the property manager, and you go through the cost to lease it out and also the cost to repair and sometimes property managers tack on other costs like padding maintenance costsThen I talk about the risks involved with leasing it to an unproven tenant, and then having to evict the tenant, lost rent for 6 to 8 weeks, clean the house, remarket and screen the new tenant, etc.Before I go through my solution, I say a "what if statement" that is something like this:Before I say the "what if statement" it's important you understand that I am using "negative phrasing" here, and ""appeal to a higher authority" which works a lot in terms deals like lease options, sub 2, and wrap purchasesHere goes.."

I can list them, however I'd rather get into solution mode.My preference is to put property into a title holding trust, you and your partner as beneficiaries subject to a simple operating agreement.

I too have found it nearly impossible to get payoff figures from banks on superior notes.Did you ever find a solution to this?