Do I keep this deal alive or not?

[Alexander Jenkins]

I have my first deal under contract and it’s getting down to the wire to find financing (supposed to close next Tuesday). I have someone that would be willing to do it for 11% interest which works with the numbers I’ve ran for this home, which I plan to make a vacation rental. The only hiccup is I need about 15% down and I only have about 5% currently. I’ve considered asking for a private loan from some friends or family but I’m nervous that there is a possibility of the property not performing as well as I am planning for it to. I feel like I ran the numbers pretty conservatively and still have it grossing about 35k a year. It’s under contract for 135k which would leave my payment at a little under 1100 a month before taxes and insurance plus whatever I would have to pay per month for the additional 15k a month I would need to barrow. Plus all the other expenses.

This is my first investment and I don’t have a ton of income to support it if it doesn’t provide for itself that well. So I am stuck and I don’t know what the best route will be. Any advice would be greatly appreciated! Thanks so much!