Funding Options to Rehab an Inherited Home (No Mortgage)

[Darryl Hunter]

I am looking for the best option to rehab a home I recently inherited to turn it into rental property.  The home is completely paid off but in terrible condition and will need to be completely renovated.  It was appraised by the state for 90K and the first rehab estimate I got was for over 300K.  I am waiting to get the 2nd estimate and will be looking for a 3rd soon. My main questions are:

1. What is the best way to determine the homes ARV?

2. What are my best options for funding this renovation? Specifically the types of loans (Hard Money? Rehab loan? HELOC?) and where I should look for them.

Let me know if more info is needed to help.

Thanks