Unsecured Personal Loan on Cheap Duplex

[Daniel Volk]

I'm trying to acquire my first rental property in Cleveland, Ohio but am having trouble finding a lender to fund an investment property under $50,000. One specific property I am interested in is listed $29,000 but I still don't have enough to pay outright. I played around with using a 60 month unsecured loan for around 11% to purchase the property but the small positive cashflow this way is not good enough to keep over the five years - I've used a high vacancy, repair, and capex to set aside some additional funds though. If I use the unsecured loan to purchase the property and get tenants in, could I find a lender to offer a better rate as a secured loan on the property later? Running the numbers with a lower interest rate and/or longer loan term does provide good enough cashflow to make it a worthwhile investment.

Thoughts?