Will this be a good investment time and money wise?

Its great that you have saved some money and have a desire but investing involves a risk of loss.

Hard Money How did you add value to the deal?

If it is a private money/ commercial style  lender, it is a relatively simple process.

I bought a property that was newly rehabbed without having to put in the rehab money.

Quote from @Enrique Toledo: I came across a really good seller financing deal and I would like to purchase it as my first deal but I don’t have enough money for the down payment.can I use a lender of some sort to give me money for the down payment?

U guys let it get this far over 3400.00 its your fault.. even if you did something wrong.. who is going to go to arbitration for such a small amount of money..

My tenants just notified me that their unit got broken into and money was stolen.

Also DSCR typically has pre payment penalty while hard money does not. 

My plan is to buy the house subject to their existing mortgage, renovate the property, refinance it and pay off their remaining loan balance using the money from the cash out refinance.