What's the best way to fund this cash deal?

[Matt Charette]

Hey Folks!

I'm zeroing in on a deal and I need some advice on the funding. The MF I'm looking to purchase is looking for $150k cash purchase, you can probably guess I do not have $150k sitting around. I'd estimate the ARV would be about $190-200k. I'd still offer slightly lower, but here is my financial situation:

-Currently paying $1600/mo on my personal home

-I have $12k in cash, $8k in taxable investment accounts I can liquidate, I also have ~$30k in an Roth IRA. If the deal is worth it I could withdraw from my IRA.

At this point I think I'd have to get a hard money loan and definitely have skin in the game to get the loan. What makes sense here and how should I do it? Let's say I have an accepted offer of $140k, to be able to refinance to a 30yr mortgage, I'd need at least 20% down, $28k. Let's call it $35k for down payment and closing costs. I'd need a loan of about $140k for purchase and repairs. 

So, how do I work this? Do I start with a hard money lender and then the bank? Do I start with the hard money with 20% skin in the game and then ask for the full $140k to cover all purchase and repairs, make the repairs, get an appraisal, THEN get a conventional loan to get out from under the hard money loan? How much extra/emergency money will the bank want me to have available to carry these two mortgages? Or, do I keep waiting and saving up money till I can better handle the load?

I appreciate any feedback. I don't want to be another person who gives up and never gets started...