Financing small apartment complex with little cash

[Scott Kelly]

Let me preface this with I am a newbie investor having only one SFR but found a small apartment complex that seems to be a good buy and seeking any advice I can get. It is not local to me but could drive to get eyes on the property. Lets get into the numbers: The property: 4 building 14 unit apt. asking $350,000 with 9.1 cap rate but I feel confident I could get it for less. Only recently full occupied by mainly college students. 8- 2br/1bth, 6-1br/1bth. Avg rent is $486.NOI @86% vacanacy and 54% in expenses (property management included) would be $31,706. Thats prior to debt service. My plan: remodel each unit as they come available. From the pics every unit but one I wouldnt want to live in personally. According to rentometer average 2/1 apartment goes for 700 in the area. So room for improvement there. As a room that previously was a laundry room but now a storage area. I'd want to get it operating as a LR again to bring in additional income. Water is currently paid by property management. If the numbers work get it submetered to have tenents assume their water expense. The problem: I have little cash to put into the deal.I recently purchased a primary residence and have a baby on the way. Should I get a HML or investors or just pass on the deal?