Question on getting a line of credit for a BRRRR

[Jim Cellini]

Hello there BP. I have a question about financing a BRRRR project. Deal specifics are as follows:

Wholesale deal, 3 bed/2bath single family home in the southeast. Listing price $79500. Needs about 25k in rehab. ARV is estimated conservatively at $150,000. I'm looking to BRRRR and the market rent is about $1150/month after rehab. I have about $30,000 available towards this project. My lender will allow 75% LTV refi after 6 month seasoning period. My financing options are as follows:

1) Hard money loan combining the home and rehab into 1 loan, paying interest only until my refi.

2) Raise capital through various friends and family, offering about 10% ROI over 6 months.

3) Get a line of credit from a company like LightStream for about $90,000.

I am leaning towards the line of credit but have never done it before and am wondering if anyone on the forums has experience doing a BRRRR with a line of credit. Are there prepayment penalties? Is it basically a credit card? How are the monthly payments made and is there a down payment? Anything else I should be aware of?

Thanks for any help on the matter. 

Jim