I have come up with two ideas but I still don't know if they are better alternatives than a non-contingent conventional financing offer. 

I'm open to flips as well, but I have a much stricter criteria for that type of investment to be considered.I've been actively looking at a number of foreclosures, and an issue that I've run into is conventionally financing one of these properties.

If anyone knows if it can be done on either a conventional loan, fha loan for a triplex, or would a portfolio lender be the best bet?  

Property owner is financing a relative/friendOtherwise, a seller can sell to a buyer able to get conventional financing and cash outIn certain instances, an owner may be willing to owner finance even if the above conditions are not true.  

If I'm understanding you correctly the feasible scenario would be to get a hard money lender to lend you purchase price and then immediately cash out refi with a conventional at 75-80 (whatever the banks limits are).

A 7 cap is absurdly low for Lansingburgh, that area is one of the sketchiest in the capital region, half the houses are boarded up, theres a TON of rental inventory on the market because even low income renters are fleeing the drug violence.  

In the past 3 years or so I've gotten 3 conventional loans, applied for another 2 conventional loans, and helped my parents navigate the process on their loan.  

However, there may be some good opportunities in spec builds (especially under $300K) given the extreme inventory shortage of SFRs we currently have along with a good supply of vacant land/undeveloped lots in the surrounding areas.Also, check out the CRIEA club if you haven't already.  

It's not free (although the first meeting is) but included in the membership are classes, seminars,  weekly updates, conventions, books,....more things than I can mention.

It is a pretty unique situation for a HML to offer conventional financing once the rehab is completed.