What should I do with this property I bought??

[Mark Dawson]

I bought a piece of property for 60K.  The property is appraised at 42.5K.  It cost 70K to remodel and 36K to replace the roof.  I have about 25K in cash. Should I mortgage the property to help pay for the roof and remodel so I could rent it out?  I'm not sure which is the best route.  This is my first property and I don't want to screw this up.