1st properties HELP!

[Tina Johnson]

Hello,

I have made offers on my first 2 properties (YAY!)  and both offers have been accepted (motivated seller- Husband doing rental property and he has passed away - while working on a rental)  So both properties listed for 49,000 each...then $39,000.   I offered 30,000 and 26,500 and offers accepted.   They are not in the best neighborhoods....but very decent in my opinion and both have renters.   $750 and $600.   Both are in decent shape....but could use some work....the owner was a good landlord and took care of the places.  

My dilemma

I am good with conventional financing on the $30,000 as the zestimate is $44,000.  So that will work fine.   The other one looks like it may have some minor earthquake damage a few cracks and may have shifted a little on the crawlspace foundation.   That is why the lower offer.....zestimate is around $32,000.    I can get financing at 6% for 5 years with a payment of $540.  this is what scares me ( I think this may not be the best route....if it is vacant a few months it could put a strain on me...especially with taxes and insurance).   I do not believe I can get conventional due to the loan amount.   

should I  1.  go ahead with the 5 year financing with the $540 payment 2.  try my luck at getting a rehab/conventional type loan and get it above the $30,000 minimum that the bank will finance....and finance $30,000....but I am afraid the appraisal will not get so far over....it may appraise for $35,000.....but I am not sure....and that would still not put me over $30,000 to finance with me putting down 20%.  3.   Should I take a loan from my 401K....see if they will accept maybe $24,000 or $25,000 cash.   ( I have almost $300,000 in my 401k)  

Any advice will help.