Baltimore B.R.R.R.R. Strategy... First Rehab!

[Jamal Okon]

All,

I have a property under contract that needs to be completely gutted.  The estimated cost to repair this 4-Unit is $120,000.

The purchase price is $16,000.00.  They are all 1 BRs in a C area.  Monthly rents for the area are $650-$700.  There are also 2 squatters there living in squalid conditions within 2 units. I have purchased investment property several times, but always avoided rehabs.

My questions: Where can I find financing for repair, while moving toward lease-up? Is there a local Maryland state, Baltimore city, or federal program than can provide grant money? Should I evict the tenants, even if they begin to pay rent (their units also need rehab)?