How to buy the house next door but recently closed on mine!

[Jeremy Houser]

I need some help ASAP please.  So I literally just closed on my house Tuesday  which is in a very good neighborhood.  However, it is only a 2br/1bath house.  I paid $99k for it and decided to do a 10yr loan. My initial goal was to live here for 5-6 years and then rent out once my family grows.  I just found out the owner of the house next door wants to sale.  It is not on the market yet.  It definitely needs some cosmetic work but nothing major.  The owner told me she doesn't want to work on it anymore and is willing to let me buy it below market value. It is a 3br/2bath - this is ALL I need in this town.  My dad is retired now but owned a  construction business and has a few rentals. He wants me to purchase it. My plan would be to move into the neighbor's house in a year or so and rent (corporate housing) the one I just purchased.  I'm a medical professional and there is a huge demand for corporate housing in this town.  

This is my question:  

Since, I now have a primary residence mortgage how do I get a loan for this investment property? I can't call it a second home because it's next door. I would like a HELOC but I don't think i could obtain until the title is in my name.  I don't think I could do a cash-out refinance because the title isn't in my name yet. The county tax appraisal for the house is $121k and the owner is selling it to me for $80k. I work for a university and we have our own credit union.  Should that be my first stop?  

If you can think of other suggestions, please let me know.