First House Dilemma

[Matthew R Crawford]

Greeting everyone, 

We finally got a house under contract after many weeks of searching, marketing, and driving for dollars. However, we have a few questions since we are beginners in real estate. Now that we acquire a home we know we will need to find funds. If we can't cover the closing cost, do we go for a hard money lender? Or private lender?

This house was under contract once; however, after the inspection, the deal failed. Should we get two or three contractors to evaluate the property and hope they find the problem? Or have a home inspector look at the home before doing any work to the house?

This house is in a great area right in the centre of the city. It is a 1400sq ft home with three bedrooms and one bath. The ARV is $125,000 to $130,000 if fix up nicely. Should we go ahead to add another bathroom since the master bedroom is big enough to add one?

This is our first house to flip and would love everyone's opinions and experiences. Thank you so much for your time. 

Matthew & Mandy Crawford