Creative Financing Ideas

[Matt Halls]

I've got my first deal lined up. Cash deal basically finishing a contract up from a deceased relative. Attorney, title and back taxes I'm in for 10k. I've got a buyer identified and deal worked out selling it for 40k. I don't see myself flipping it and making much if anymore. But considering fixing it up and renting it out. I'm not handy so would need to hire it out and just a guess but thinking 50-75k worth of work would need to be done. It's tiny at 660 square feet 2 bed 1 bath. The 2nd bedroom is very small more like an office but it's what I'm working with. It will need siding and a roof as well as a tear down to the studs and new drywall and paint. Rent would be 900 or so. Wife doesn't want to take a mortgage out on that property but we could use our heloc to pay about 35k. Not sure what's best todo. Flip it for quick cash and pay off the rest of our revolving debt or try and work something to keep it as a rental? Open to any ideas.