First Flip and it's a Primary!

[Peter Shafik]

Hey BP nation! I've been studying this site for about a year now, and I'm ready to start my first project. It's one dear to me because it is our primary residence (parents but they give me permission to do everything). 

I had a contractor walk through it already and estimate 100k possible 120k in repairs. Of course i'm going to get 2 additional bids, however, this house still has about 95k left in mortgage and it's ARV is around 270k. I could take out a refi, I could do a home equity line, but I was wondering what you all thought would make the most sense. I do plan on Renting it, because I feel like putting in 120k and getting out 50k or so in profit (95k + 120k = 215k - 270k = 55k) isn't really smart. Also, there is a possibility to get a reverse mortgage (haven't done enough research on that yet) when my dad (the home owner) turns 62 this April. Would like to know your thoughts! Thanks so much in advance!