First investment! Help please!

[Darla Love]

I have purchased my first property. Here is my deal: I purchased a HUD property with a known plumbing issue. The HUD docs say that is a problem that is less than 10k to fix. I dont have the cash on hand to fix it. So I am torn between going the 203 route or using credit cards and refinancing once I have done the necessary renovations. I bought it for $62k and the comps in the area are $105k. I am new to all of this and could use some advice. Help please!!!