Purchasing/Financing Auctioned Property

[Kenneth Benton-Brooks]

Short Story: Started LLC with a partner(family member) with the intent to begin our joint real estate venture. We both have cash reserves, my partner does have more liquidity than me being a property owner for quite sometime and having access to it's equity. I personally am liquid in the realm of $100k with no assets. We put together $29.7k to bid at an auction and won a single family home for $252k leaving a balance of $222.3k. Comps in the area for similar properties come in at an average $335k. The property only needs cosmetic updates at a glance($25k or less). Presently inhabited by tenants with plans to eject them if necessary. We plan to utilize hard money but I am interested in opinions for other options. Our intent is to re-list the property as soon as everything is finalized. We both realized we were jumping into this not as informed as we should be however, we could not gather enough local resources or partners to guide us so we are taking a chance.

I am looking for:

1) Financing opinions - With the information provided, what financing options would you consider? Consider, the property has been won under a LLC.

2) Opinions on the correct steps to approaching auction properties? What does your due diligence look like? I check county records, tax records, current appraisal from the local municipality, and check for comps in the local are with respect to the properties condition. 

****If more information is needed(which i'm sure it is) please let me know****

Thanks in advance for any advice or info!