Are there any loopholes or creative financing alternatives I should consider?

Can anyone please suggest any solution or alternatives for this?

Another alternative is to find something not on the MLS (pocket deal/wholesaler).I would also recommend that you have a larger cash reserve. 

Based on my short experience I see  Home loans as a much cheaper alternative when compared to private money loans but of course they have a lot more hoops to jump through.

Its expensive but much shorter than many alternative options and every class we had a firm during our lunch, bring us food and explain why we should work with their firm.

One very popular alternative in Phoenix is to house hack with a casita/in law suite/additional dwelling unit.

@Sheldon VicYou should look to see if an appraisal is required to get the step up in basis.If an appraisal is required you may want to see if an appraisal can be done where the appraiser would value the property as of 8 months ago or if an alternate assessment date would work.

@Charles Kao that makes a lot of sense and I appreciate your response and an alternate way of doing the thing I want to do!

Not an English, music or arts degree - unless you want to teach.Another alternative is to consider trade schools. 

Are there any alternatives?