line of credit on house for repairs or another property

[Nancy Carr]

I have a SFH with 6 bedrooms and 3 1/2 baths, I tried renting the property myself and did not like that route. So I'm hiring a property manager to take care of the top three floors of the house while I occupy the basement.

I am in great debate with myself in taking a line of credit on my house to do renovations to the basement. The basement already has a full kitchen and bathroom but needs work on the floors and electricial wiring. I wanted to occupy the basement until a desirable duplex opened up and unltimately rent out the whole house with the basement being a one bedroom apt. I need advice!! Please help me