First Deal Hunting! Need help jumping in

[Zach Warner]

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Hey everyone,

This is my first post on BP so take it easy on me! I am a new investor in Southern, Coastal Delaware. I am constantly looking and evaluating potential deals and thought I would ask for some input on this most recent deal I came across. 

House was just listed for $55,000 and is a Duplex. Motivated seller! Mother passed and daughter is looking to sell. One unit is "livable" and other is NOT. Roof leak compromised 2nd story floor and ceiling on first floor. 

Budgeted for $125,000 in renovation repairs and comps in the area are selling for $143/sqft with estimated rental income of $2,200/month.

The numbers look good for me but it feels like a big deal for my first to jump in to. Not to mention, I do not have a ton of cash to throw around and will be looking for creative financing to make this happen. 

Any advice is greatly appreciated!