Cons of Hard Money Lending for 1st Property

[Account Closed]

I'm new to BP and to REI, but I'm ready to make my first purchase.

As I've been hunting for the right duplex-fourplex, I've gotten as far as applying for a deal I'd found, only to find out my credit wasn't sufficient.

My goal: purchase a small multi-family unit needing a light-medium amount of rehab, but I don't want to come out of pocket very much.

First Question:  What options do I have? As I do not want to put down more than 5%, but will need lending to cover the rehab.

Second Question:  Is hard money lending a viable option for this use-case? 

• First property
• Small multi family
• Needing some renovation 
• Wanting low-to-no money down  

Third Question:  If hard money lending is a good option for this -- what are the draw backs and what should I be concerned about moving forward with a HM lender?