Seeking advice on potential duplex purchase

[Fred Watson]

I’m currently in the process of possibly purchasing a duplex in the Memphis area and I was seeking some much needed advice. These are the details about the purchase:

The seller is asking for the duplex is $19,000, (He came down from $25,000), and the inspection came back pretty good with no major issues.

It is fully occupied for $761 total rent and the tenants pay for everything, utilities, water, sewer, etc.

I was originally going to get a loan on the property. The appraiser stated the value to be around $42,000, however he stated that it needed about $20,000 to get it to FAIR condition, so my lender could not loan on it. The majority of the repairs were new siding and trim, and new windows throughout. 
I only have about $12,000 to buy it outright, but I have a business credit that I could cover the other $7,000. However, I would still need money for repairs.
It seems like a good deal based on the appraised value, howeve I’m not sure how to make it financially work. Does anyone have any strategies or ideas for me to make this deal work in my favor, or should I just leave it alone. Any HELP would be much appreciated!

[Timothy Lewis]

Great Find Fred! 

Have you thought about using a hard money lender for the acquisition and the rehab cost? If you plan on holding the property, you can refinance some of your money out on the back side