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If I do any purchases without any of my own money, I use private investors to provide the funds.

As to funding, the investor special - bridge + refi + GSE.

If you have a contractor ready to bring money to the table for the rehab, plus moving money for your cousin, perhaps those funds could be used to cure the loan, then supplement the rehab with hard money? 

My wife sold her house earlier this year and wanted to use the proceeds for her son's college fund.  

Secondly, will the property provide sufficient cash flow that meets your criteria.  

Here's how I do it.You need to look for another partner (cash) that wants to hold.Use the "flip" partner to fund the deal, and pay for the rehab.After the rehab is done, and there is a tenant in place, use the next partner (hold) to "buy out" the 1st "flip" partner. 

@Eric Adobo my other thought would be to roll the funds into a duplex, I could get one for about $300k, and both sides would rent for a total of ~$2,600.  

The other thing I like to do, is in off years i.e. low income years I encourage clients to pay taxes by moving income into the current year or funding a Roth IRA of some type in order to use deductions in higher income tax years.

My financial planning team and I focus our business on anywhere from new to seasoned real estate investors on managing their cashflows, giving them a financially organized snapshot of their assets and liabilities, and helping them allocate their funds to achieve their goals.