I would go to an insurance broker and see what options they have.

With residential properties and hard money lenders, they will usually have an option for financing the property's renovations as well.There are a couple of caveats: first, most lenders will require a property down payment.

I just saw the part about FHA not being an option. 

OK, savvy investors, talk to me about your experience financing the purchase AND extensive rebuild of a multi family building!

You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.

Hi Mariana, Cleveland and Columbus both have some great options. 

(I am currently staying at another similar home in the neighborhood where the owner has done something similar)My main questions for the forum are:Zoning and Legal Considerations: Does anyone have experience with the zoning laws in Union City, NJ, especially regarding converting single-family homes into multi-unit rentals?

Going to be very different cash-out refi options depending on the type of building/tenants

The rent is less but compared to the expenditure it’s a much better option in my situation.

If you are looking for a generic 80-90% of purchase to fund with a good FICO score for a normal 1-4 unit, you don't need to spend too much time on finding lenders as you have plenty of options.