Essentially using the project itself as collateral.  

The roof was re-done prior to me buying the place which I knew but being young and naive and didn't realize what else needed to be replaced. 

We don't want to tie up our ability to gets loans since we're trying to build our portfolio.So, I'm looking for advice on ways to fund this project.

I have 15 years experience as a Project Manager building Multi- Family projects anywhere from 9 unit town homes, 200 mid rise projects, to 400 unit Garden Style developments on previously undeveloped land.

Especially with the demolition of housing projects, you are very likely to find Section 8 tenants in many parts of the city, good and bad.

Up/down double $57,000 purchase price (hopefully less)PITI = approx $500/mo with 25% down conventional loan$14,250 down + closing costscurrent rents total just over $1200/mo for both - leases in placelandlord currently pays about $200/mo for water/sewer/trashI figure about 10% vacancy and 10% maintenance which leaves me with about $400 monthly cash flowThe two major concerns I have are that it needs a new roof (tear-off) and that it has a funky layout.

Roofs, vehicles, furnace, etc are each depreciated on their own schedule as defined by the IRS.

How have you set up pay and incentives with your go-to contractors so that they are incentivized to continue working on your projects and get them done timely and well? 

Part of the preparation is knowing the zoning, and what processes will be necessary to move the project forward. 

In other words I can head up the project, I just don't have the money.