Purchasing First Rental Property

[Manuel J Hernandez]

My dad and I are trying to figure out to purchase this house as a rental property. The house is already rent ready but it could use a bit of repairs if we wanted about $5k - $7k worth. The seller is asking $120k and the ARV is $160k. He already has a mortgage loan on his house and I stay out of state. I was thinking hard money but looking into it I'm not really sure. How should we go about purchasing this house?