purchase a MF property with little down & bad credit = impossible

[David Davidson]

Hello due to some life factors my credit is for the time being, POOR. I have "some" money for a deposit but then I would need money for rehab. Looking at a rooming house that is a cash cow, has been on the market for over a year, but needs a roof (I estimate it to be urgent) and serious updating which I can do over time. I would not be eligible for a conventional loan, I am looking into FHA, HUD rehab loans etc. The more I read the more it really looks like in order to break into MF properties you "NEED money to make money". I am willing to consider all possibilities to arrange financing. Am I wasting my time? Am I "tilting at windmills"?

Please advise and thanks.