Foreclosure purchase help - plan as long term rental and cash out

[Peter Lim]

Hi Bp! 

I am in the process of purchasing a foreclosed property.  I don't have all the funds needed to close.  My parent wants to lend to me.  How do I go about doing this?  I do intend to put the property into an llc after closing. 

Also, after repairing the home and reaching a higher appraised value, are there any restrictions on a cash out refinance since all of the funds did not come from me?  Has anyone done this please let me know what you suggest.