Newbie with a deal!(i think)

[Mark Powell]

ok. i have found a deal that i think is worth while. actually a few, but ill start with this one.. here are the details:

Property price- 95,000.00
Cost of Repairs- 5000.00
After Repair Value- 164,740.00
Equity = 64,700.00

I think that this is a good deal... It sounds great to me! I would love to make 65k on my first deal. But i got some problems.

First. Credit- ITS REALLY BAD (nothing big, lots of inquiries, accts over 2-3 years old)

Second. Liquid assets= NONE Got laid off from my job 2 months ago and have been living on savings (thats the nature of my field, industrial construction. we work for a few months and then wait till the next job starts)

Third. IM SCARED it sounds like a good deal and I know the area and even if that estimate is a little high, its still way up there.

How do I make this work. Should I try? Would anyone like to go 50/50 or so on funding. You fund and I do all the paperwork/construction?

If none of that just some advice would be nice! All i need is to make my first deal or two and I should be set! Ill be looking at rentals and multifamilys and more rehabs!!

Thanks for your time!

Mark