Advice on a deal- Please help

[Rigo V.]

Hello All, 

I am fairly new here and to investing overall so please forgive me if I am asking the wrong question or leave out necessary details. I am working on my first deal and wanted some advice.

I am looking at a house in NJ that is listed at 135K. Its a 2 unit house (4br 2 bath and 3br 1 bath) that needs a lot of cosmetic repairs (new flooring, new kitchen, new paint job, land scraping) and this is just from the looks of it. I am meeting with the realtor this weekend to really dig into it.

Numbers look like this - 

Down payment =25K-27K (at current price, will obviously try to get it at a lower price)

Closing costs= 3K-5K

Rehab budget= 30K-50K

Rental Income (once renovated)= $2800 per month 

Estimated mortgage - $1200 per month

Comps in the area range from- 200-250K.

I currently have enough to buy the house but not enough to rehab it, at least not both apts.

1) how can I find a way to finance this deal? Without doing an FHA loan (bought my own house last year and wife will not want to move and rent ours)

2) If I somehow find a way to buy the house and rehab, will I be able to refinance after the initial six month of seasoning to get by some funds back to do it all over again if it appraises high enough?