Potentially my First deal!! Help!!

[Seneca Hampton]

This could potentially be my first deal but I am having a hard time making sure that I have considered everything and deciding on whether a Hard Money Lender would be a good option. So here is the situation:

A Fourplex worth 550-600k. Gross income of 47k. Rents are below market rent by $300 per unit (could be making 60k annually). Needs about 60k+ of reno to get it there.

Expenses are around 20k+ not including Prop tax, Ins, HOA or mortgage.

I am thinking of getting a HML, purchase, refinance to pay loan back and have enough left to do some improvements. What do you guys think?