Foreclosure: buy or a waste of time? Funding your thoughts..

[Jackie Escamilla]

I have a few questions. I found a home foreclosure on realtor.com for $45k in Chicago. The property is occupied. Are there risks in purchasing a foreclosure with renters? At the closing will I be able to add that I will be giving them a lease? Also, your opinion on the next question would be very helpful. I do not have cash to purchase this home. A few of my thoughts were, apply for a mortgage, apply for a second mortgage, or a apply for a personal loan. Which would be best? I forgot to add I am very new at this and any/all feedback would be helpful. Thank you all for your time.