Need assistance on a Deal

[Oyinye N Ejindu]

I am currently working on a 12 Unit Deal with an additional 5 Acres of land that I plan to build on eventually.  This is my 2nd Rental property and my first is a Duplex which I purchased earlier this year. For this 12 Unit deal I will say I am really leveraged and don't have the capital to fund the deal or the required 20% down. I still put in an offer and I was shocked to find out the seller accepted the offer even though it was 100k less than what he originally listed for. The property has been on the Market for over a year and half; I will like to learn more about how to fund a deal like this even though I can't cover the downpayment OR the cost for Rehab. 

Deal Info:

Agreed to Purchase Price per Contract: 210,000

Original List Price: 310,000

# Properties: 3  ( A duplex, A fourplex, A six-plex) all included in the portfolio.

Tax Value of each property: Duplex: 26,730, Fourplex: 24,420 , 6-Plex: 42,390

Current Rents: 400 A Month for each unit of which the landlord offers weekly rates at 110, or monthly at 400 a month. 

Pros: 

Property is sitting on 5 Acres out of which 4 acres of land is still uncapped.

With rehab property can be placed on long term leases 

With current expenses which property is an all bills paid and using 50% rule I am still under the figures at 100% occupancy. 

Market area shows average rent for one bedroom apartments None show available for Rent in the Market area on Craigslist. 

Zillow and other Internet searches show there is a huge shortage of Rentals available in that Market with only 3 available rentals currently listed. My property will be the 4th as there is one unit currently vacant but current landlord hasn't done any marketing to promote his property as it is pretty run down at this point. 

2 large Manufacturing Plants just moved to the area and there has been an increase in the population by almost 5% with a predicted increase up to 20% in the next 5 years. 

Cons:

All bills paid property

Current Owner has 33 other properties don't understand why he didn't utilize the extra land on this property.

Poor Management so financials and rent rolls provided don't properly accurately reflect what each unit collects in rental income monthly.

Each Unit leases either Weekly or Monthly

My Strategy:

Renovate all 12 Units upgrade the appliances and aggressively market each unit 

Rent each Unit for a minimum of 475 per Unit without the all bills paid option to lower my expenses

Put a Laundry Facility on the property there is a Barn that was previously used as a storage space that I intend to convert into a laundry facility.

I will love to hear from the experienced investors and learn if my strategy makes senses or any suggestions you provide as this is my first big deal I am involved in. Also if anyone has an idea how I can obtain financing with my little or no capital I will also like to learn how as well. Thanks in advance