Potential rental property but unsure on how to finance the deal.

[Ryan Geller]

A neighbor of mine has a house for sale and it's off the market. I think I can get it under contract for a substantially lower price then what it is valued at. In my situation I'd like to go the no money out of my own pocket route (private lender) but my question is how hard is it to actually refinance (with fair credit) and pay off the lenders?  Just looking for tips or even some personal experiences to further help me execute this deal.