New member from AZ may need hard money

[Dave Robinson]

I'm learning a lot reading your stories and tips and advice. This has been a very helpful community; thank you!

A family property has come my way, and I can buy it for 5% under appraisal from the reverse mortgage company. We intend to renovate and sell, but would like to buy it first to capture that extra 5% ($10,000). We could come up with renovation costs and 30% of the property value. The house was renovated less than 2 years ago so the renovation is simply a fresh coat of paint inside and out, new carpet in bedrooms, new kitchen cabs and appliances, and turn a hall bathtub into a shower/bathtub. 

What are the particulars about a simultaneous closing? Is there hard money out there for a short time period? What costs, aside from interest rate, are associated with hard money?

Thanks in advance,

Dave