Purchased my first home to rent while living with my parents
I want to start off by giving some background info. I am currently 25y/o, for about 3 years, I've lived near my university(UCF) while attending school and paying rent roughly about $950/Monthly. Once the pandemic became severe (early 2020) I moved back into my parent's house. I was paying half of the rent in my friends apartment so there was no breach of contract and penalties to pay when I left. Fast forward to today I have recently purchased my first home. Now, just the thought of finally having my own place, somewhere I can call home and do w.e I want to it and in it is bliss as in itself, but I know that wouldn't be the best use of all my current resources. Since I graduated and moved back into my parent's place, they have been really open to me staying while renting the new home. Just thinking of all the benefits of living rent-free and having a rental property sounds like a dream to most, so I had to take advantage. I am currently going to begin rehabbing the property(about $10k in renovations to the kitchen and bathrooms) and will either be house hacking the other rooms or short-term renting the property due to its prime location being about 5 min from Disney.
So my questions are:
1: What is the best way to fund the rehab if it will not exceed $15k(optimism) either credit cards or my cash reserves?
2: Has anyone been in a similar situation and how did you approach it, house hacking, long-term or short-term renting it?