First deal, rental property pass or not?

[Zoe Mercier]

I have an opportunity to buy a property with 2 doors, one block home and one doublewide trailer for $70,000 from the owner. They rent for $650 each but would need some work to get up to basic standard (trailer needs new roof and kitchen cabinets).We estimate about 12 grand. There is also the possibility of subdividing the property in the future.  I ran the numbers and it would be good cash flow with a great ROI (pay back the repairs and down within 2 years). However, we are just starting out and with the 20% down requirement and the repairs, it will wipe out our "start-up" funds.

The plan was originally to try and rehab and a few properties to get the cash needed for deals like this but if we take this deal then we have nothing left really to get others. It's a rock and a hard place because we have one rental already (actually going to get a HELOC on it for part of our start-up cash) and need to build the capital to buy more and this is exactly the kind of deal we want to start with once we get some more cash but if we get it now it may end us before we really get started.

Any advice? Thanks so much!