Vacant house needs renovation ~$70k, How can I finance this?

[Jason Wilson]

Hi all,

This is my first post on Bigger Pockets and I'm looking for a little guidance on my journey into real estate. 

THE PROPERTY

My father currently owns a duplex that is registered as a vacant property because it is not in a livable condition.  The entire place needs roughly $70k (got a rough quote from a contractor my father knows) in renovations to complete both sides.  As it sits, it could probably sell for $40k-$60k in the market right now, and after renovations would be worth $130k-$160k.  The plan would not be to sell though.  The plan would to be to buy and hold, and for my dad to live in one side, then rent out the other side.  Then after a year or two, he will move out and we will rent out both sides.  Going rent for the side my father would live in (2 bed, 1 bath) is about $900-$1100, and the other side (3 bed, 2 bath) could go for $1300-$1700 per month.  (All rough estimates based off comparable properties in the area... and coming from a newbie, myself... so might be less.)

THE ISSUE

My father owns the duplex outright with no outstanding mortgage or liens from taxes.  However, he has very poor credit and owes a fair amount of back taxes to the IRS from a little over 8 years ago.  Thus he does not have the ability to get reasonable financing.  He also does not have much cash to support this massive renovation.  Also, him and myself do not think we can tackle this big of renovation since the house needs plumbing, electrical, etc.  This is where I come into play.

I recently graduated from college and started a full-time job 3 weeks ago, making $80k/year.  I have ok credit (~740), but I also have $41k in student loans.  I have about $10k cash on hand.  I don't know if the best avenue would be for my dad to sell me the property for $1, then I could try to get a loan.  I also don't know who I could call to get a loan.  I've never been to a bank/credit union to ask for a loan.

Any advice would be much appreciated! Thanks for reading my first ever post on here if you got this far!

-Jason