hard money lenders

[Jerrell Slay]

hi all!! I need advice on this house I came across, the guys say he's sailing for his dad, the house needs total rehabilitation but it is brought up to code. They guy is asking 5000$ the house is in a low income neighborhood its a 2 br 1 bath. My plan was to get it rehab it, I figured 30-40k would rehab it? ( am I off?) Then if I was able to obtain hml I would rehab it then take a mortgage on it and pay the lender. If I was unable to sale it  as quick as i needed, I would simply rent it out or do rent to own. All advice is greatly appreciated