Heloc or cash out or ?

[Vincent Carosso]

I inherited a house 5 years ago in the Philadelphia suburbs; at that point it appraised for 425k. I’ve been living there primarily, but travel often for work and will be purchasing a home in Pittsburgh since I’ve been spending so much time there. My question is what’s the best loan for my situation?

The house is unique and on 2 acres, but needs serious updates and renovation. It’s got glass fuses, and oil heating to give you an idea. Roughly 150-200k for complete update. Similar sized houses in the neighborhood that are up to date are ranging from 650-850k. My thinking is that this is my long term home for later in life, but I want to make it beautiful and use the home as a tent pole for other investments. Fix it up and rent it out for a couple years to pay down the loan and later in life make it my home. I would also want to use some of the money from the loan to buy a house in Pittsburgh in the Mt Lebanon area, which average 200-300. I would live there for about half a year, and would also like to buy a duplex in the same area at the end of that time frame to then make my primary and rent out the other side

I do have a good contractor for my current primary residence, and a good team in Pittsburgh. I am assuming there will be minor facelifts in each additional property. What is the best avenue for me to take to procure the money for the type of goals I have?

I have above 700 credit and a healthy income as a freelance photographer and almost no debt. I spend much of my time traveling, and want to make a transition to travel less and to create an avenue of passive income that could eventually become my primary source.

Any and all advice is appreciated, if I left info out, just ask.

Thank you!