Guidance on first buy and hold investment property.

[Daniel Rodriguez]

Hello BP community,

We have been members of BP for a few months now and have recently "purchased" our first SF buy and hold property.  The house is a small two bedroom/1 bath in El Paso, Texas.  The property is about 900 SF and is currently valued at $92k.  My parents previously owned the property and have agreed to transfer it to my name.  The plan was to rehab, obtain a cash out refi and give my parents the $65k they were looking to get back from the property.  We have completed the interior and fresh exterior painting begins tomorrow morning.  The exterior should be complete in about 1 1/2 weeks, to include landscaping.  We wanted to poke all you experienced investor's brains on this one.  Would anyone recommend any alternative way to get my parents the 65K they are asking for?  We have considered refinancing our current home and using that to get the 65k back to my parents.  Any help is greatly appreciated.  Thank you all in advance.  Have a safe and blessed holiday season!  GOD BLESS YOU ALL!