Financing first Rental Property-Within Arms Reach

[Barrett Johnson]

Hi folks, first post here but I love the interaction I have been seeing. 

I have an arms length opportunity and I am looking for what many of you folks would do in this particular situation.

The property is a 2 unit duplex in need of repairs. The price of the total structure is 180K. I estimate about 50K in repairs are needed and looking to return about 3K/month in rental income. 

I have the option of making the repairs prior to the purchase of the home (within the family) or I can purchase the property, perform the repairs and be rented out. Expecting about....2 months in work before she is ready to go (I am the contractor).

In previous properties I have purchased foreclosures in need of moderate repairs, made the repairs with personal Cards, and pulled out a HELOC to cover the expenses. Since this will be a rental property under an LLC, I am learning that HELOC's are a bit more difficult to acquire.