Purchase first Rental

[Dewayne Reid]

Hi All, 

I just wanted to get some ideas on where I should be looking for a loan or hard money to purchase my first rental property. I've been wholesaling and closed a few deals, but I came across a property that is currently tenant occupied that is deeply discounted will have a large amount of equity right off the back. ARV is 138k , purchase price is 83k, and tenant pays $1250. The house is in great condition and only needs cosmetic work as it has been been well maintained. The current tenants have been there for over 10+ years.

I don't have great credit and it will be my first home purchase. Is hard money the way to go or should I be looking into a conventional loan? 

Any advise is appreciated.