Hard Money for Purchase Only?

[Dustin Smith]

Hey all,

Thanks in advance for the insight. I'm looking at a retirement community that I want to turn into a 5 plex. The list price on the property is $220k, but I know he may be willing to accept as low as $165k as he can't afford the payments and wants it gone. I'm interested in offering a nondisclosure bid of $165k or $2k above any other offer up to $182k. I've got a hard money lender willing to pay for the purhase price, but not any of the renovation. The problem is the renovation is going to cost as much as the purchase price, and I don't have that available. 

I know there is someone else looking to do basically a lease to own with $5k down, $2k per month plus all taxes and insurance for 24 months, then $200k at the end of 24 months. 

My question is, do I make the offer and seal up the deal, then find the cash for the renovation? Or wait and likely lose it?  Im anticipating this other offer to come in by mid-week. I know I'm likely going to get a lot of play it safe answers, but I want to get some other opinions.