Great Deal On A FourPlex - No Comps - No Money- Help!!

[Craig Clark]

Hello BP,

I feel like I have found my "diamond in the rough" and I am trying to brainstorm the best way to present the deal for a hard money loan or private money lender (which I am still trying to find a nationwide one because I am out of state.)  First, I'm in the process of closing on my first deal and my wife has closed on her first so our funds are gone due to these purchases and rehab.  My realtor just sent me a bank owned four-plex for under $80k, that will rent for around $3200 a month in a solid neighborhood.  My plan was to put together a presentation with the numbers, comps that have sold in the area within the last 12 months, and a estimated $30-35k rehab budget ( could be more I have not seen the property yet;) however, my realtor and I can not seem to find an comps for the property.  We were able to find 1 four-plex that sold for $60 in worse condition than the one I am consider that was built in 1890 (it was actually 2 duplexes on one lot) along with 5 duplexes (  3 sold for over $130k renovated and 2 for over $60k not renovated,) so here are my questions for the community:

1) This deal seems like a no brainier to me, can you all tell me I am wrong to think my renovated four-plex would appraise for over $130-140k

2) What would be the best way to present this to hard money/ private lender to fund the full purchase and rehab? (I may be able to come up with 10-20% of purchase cost but I have to get really creative.)

3) Would it be best to get the deal under contract first before approaching a lender or would it be best to present this to a lender first?

4) Would I have to have an LLC for a private/hard money lender? I remember reading somewhere that most require one.

Please feel free to PM any suggestions as well.

Thank you