Any thoughts for financing a renovation?

[Collin Black]

Hey everyone. My wife and I bought our first home almost a year ago. We bought it with the intention of turning it in to a long term rental. We underestimated the rehab costs as once we got in to the remodel, we found more that needed to be fixed such as, no insulation, have to update the wiring, mold removal, kitchen remodel, and so on. We are running out of funds and need to get it finished so that we can rent it out and start seeing a return. I have spoken to a few credit unions about a stand alone HELOC as a cashout refi isn't an option. My credit has taken a hit with all of the new debt and I would refi in to a higher rate than what I have currently 2.99%. A couple of the credit unions require appraisals. With the house in the condition its in, I feel like it won't appraise for high enough to pull out what we need to finish. Any suggestions on how to go about this?

Thanks, 

Collin in Reno, NV