Need help analyzing potential first deal

[Brian Chase]

I'm running numbers on what could be my first deal. The property would be a private sale using the BRRR strategy. I'm in talks with the owner of the property next door to mine.

The property has two structures on it - a 2 bed/1.5 bath (about 600 sq ft), and a 1 bed/1 bath (450 sq ft). Both units are in terrible shape and not up to code. There are roof leaks, mold, exposed electric, etc.  I had a contractor do a walkthrough with me of the 450 sq ft unit. His opinion was it would be best to nock it down and rebuilt using the existing slab. He gave me an estimate for cost (below). 

We think if we completely gutted each unit and then expanded to make them both 2 bed/2bath, we could generate gross rent of $2,000/month. The lot is plenty large enough to have two 600-800 sqft units on it. It could even have a third, but current zoning doesn't allow more than two units. 

So, the numbers are as follows:

ARV: $250,000

Rent: $2,000

Repair costs: $130,000

While we haven't agreed to a purchase price, we estimated $115,000. 
Cash to close and repair: $158,000

With these numbers, I get an 8% cash on cash return. 
There is also the added benefit of owning the lot next door and controlling what happens with it. (Original owners wanted to build an apartment complex - we really don't want that to happen). 

The problem - we don't have $160k and the refinance amount wouldn't be enough to pay off first loan and loan need to pay construction costs. So, I'm not sure how to make this work. 

We do want to find a way to make these property work. So, I'm hoping the community can help me think of creative ways. Maybe a way to generate additional income? Maybe creative financing? Maybe I'm just missing something completely. 

All suggestions would be helpful. I'd love to get my first deal done, but I don't want to make poor choices doing it.