Proactive thinking has me spinning in circles. Help please!!!

[Angela McDonald]

I need opions and thoughts, to help me think more outside of the box right now. I have a multi unit property I been chasing for a very long time. I had been trying to get it under purchase contract for about a year when suddenly it came up for upset auction! I was excited, registered as a bidder for the auction, showed up auction day an lost it to a buyer who had $2,000 more in her pocket. Frustrating!! December 2021 it showed up again for sale, this time on the MLS!!! That buyer from the auction did absolutely nothing to the property; but thanks to my education from Bigger Pockets and knowledge of our county and it's record keeping, I know what this woman has into the property in finances!! I quick refinanced my primary residence (FHA) to purchase this multi unit. I waited until I had a date for closing on my refi to look at the property, because I didn't want to get too far ahead of myself then seem unethical to the current owner. Now I'm ready and scheduled a showing on the property but now my mind starts spinning. I'm going to have to take almost all my equity from my refi to put the down payment on this multi. It a great cash flower but do I have enough cash then to fix it. Maybe I can start with fixing one unit and get it cash flowing to fix the others. But then it might take a little while. Dang it!! I don't want to involve a partner because I want to know first that I responsibly can do my first deal without the burden or stress of loosing someone else's money. If I'm going to loose, it's going to be all on me, I'm not going to take someone down with me. The property is a great deal though, how can I loose! I got so many questions in my mind about how to rehab this property. Then how to get my next deal with no cash left. BRRRR right? I want reassurance I'm not going to get myself stuck in only one unit, that I can move forward and also how to make the repairs on the multi. Any thoughts on my dilemma????

[Joe Villeneuve]

Hard to comment without any numbers.  At first sight, my concern is that you were chasing the property like it was a big game hunt, and lost sight of the deal...I could be wrong.  I say this because you mention only how you were focused on getting the property...and mentioned nothing about the numbers with $$$ in front, except for a vague mention saying you're using all of your cash for the DP.  That's not a good thing at all.

I would love to comment, but without knowing how much you ended up buying it for, how much (in $$$) you spent as a DP, what your financing terms are, what the Comps say the property is worth after rehab, what the rents...more important, the cash flow...will be when it's rent ready, and in the end, what is your ultimate plan for this property...hold or sell,...or both.