Looking for some advice

[Marco-Dane Samuels]

My wife and I finally purchased our first home. It was supposed to be our first rental property after a year of living there, and slight renovations done to the home to make it more appealing. However, the house needs a lot more work than what was expected. It needs a new HVAC, new flooring in the kitchen, and the water heater has to be replaced. On top of that, it doesn't have much places for storage. It's looking like we are going to have to purchase an outdoor storage for the home. The problem is I don't have the funds for the all the needed repairs. In all honesty, it's been very overwhelming, and stressful. My wife and I don't want to give up on our real estate journey when we've just started; however, it seems as if we bought a problem instead of a property without realizing. Does anyone have any advice on what our next steps should be? Should we stop focusing on using this property as a rental, and focus on flipping? If so, what should we focus on? Should we just give up on the house altogether? Any and all words advice is appreciated. TIA