Financing Repairs on Inherited Property

[Mantas Motekaitis]

Hi BiggerPockets community,

My family is inheriting a 6 unit multifamily in Chicago from my great uncle. With his old age he unfortunately failed to keep up with building maintenance and rented the units for $425 a month. There's a large pile of renovations that need to take place (foundation lift, roof repair, windows etc...).

I see it as a great opportunity to restore it to a functioning rental property, especially given that there is no outstanding mortgage. I have local property management lined up to address the tenant problems and help with renovation. 

I'm looking for some advise on how to finance the initial renovation cost. I am considering a HELOC. If I went that route does anyone have recommendation for Chicago HELOC lenders?