Looking for advice on financing our fixer upper

[Stacy Brooks]

We purchased and rehabbed a house with cash and a personal line of credit with a total investment of $39,000. The house is now worth around $75,000. The house has been on the market for almost 2 months and the carrying costs are really starting to take their toll on our personal finances.  

We had planned on doing a BRRR, but didn't realize when we jumped in that banks won't loan on a house that's been owned for less than 6 months (we've had it for almost 4 months). We really would love to sell and walk away from this house, but are open to keeping it and renting it, if we can do a cash out refinance. Any recommendations on finding financing or creative ways to stop the bleeding? Please be kind with your comments, this is our first flip and we're very much newbies who are learning along the way:)

[Thomas Weidner]

@Stacy Brooks why have you changed the strategy on this property? You had said you wanted to BRRRR this property. You have finished the rehab now the next step is to rent. Can you rent this out and cover the expense of the 39000 for 2 months? Then when you have owned for 6 months start the refinance. If your house will appraise for 75k and the bank LTV is 80% they will lend 60k and you walk away with close to 20. Of coarse there are fees and such. Then you start all over with the 20k and find another property.