Opportunity to flip a home

[Varun Narayanan]

Hello BP! I am a new member to BP and just sent out an introductory post. I needed some recommendations on the best way to proceed with a potential property that I have found with regards to flipping it. The property is a foreclosure selling for about 50% of the property value of the area. I estimated this by working a realtor that is part of my team. I have funds for a conventional loan but not enough for repairs that will be needed. I have seen the property from the inside with my mentor who was in the construction business and owns 37 rental properties. We believe the repairs will cost about 40% of the current asking price. All in all, it looks like it could profit out to be 12-15k as a conservative estimate. What would be the best way to proceed with this property or rather what should my next steps be? I have not put my offer in yet because I have not yet come up with the funds for the repairs. I am also not very handy and that's why looking for s partner that is local, handy and can potentially come up with funds for the repairs. Let me know if I am approaching this wrong way. All the help is appreciated! Varun