Advice on Buying 2 Properties too Close - Loan Options?

[Michael Cross]

Property #1: I am Closing on a 3/1 in a week for 65k using a personal loan/cash savings with, property will likely appraise at 80-85k. Intend to put a mortgage on it once tenant in place. Property inspection done. in great condition ready to get rented asap.

Property #2: Another property arose for an estate that is a good deal and i am under contract for at $40k ($75-80k ARV with about $10k in repairs desired, only 5k critical before renting) and have conventional preapproval but i am a bit cash poor with the other property closing so close together. I have about 8-10k cash of the 15 the bank wants to cover prepaids, 20% down, and closing costs.

Both properties should rent for $800-850 a month

What are my best options? 

• A hard money loan to bridge the gap until Property #1 is refinanced? ( I have never used a hard money loan before)
• private loan source? (not sure where yet)
• Withdraw from Property 2 until property 1 stabilized?
• Another option i can't think of?

I have a 6 figure income and a 750-800 credit score depending on which credit reporting agency its checked against.

This feels like a good problem to have but i don't know how best to tackle it - ultimately 2 properties at > 1% rule and about 40k in equity when the dust clears is my goal.

Just looking for advice on how best to proceed. 

Thanks,

Mike