House Recieved at No Cost. Need Money for Renovations

[Frank Straughter]

I have a house that I received that is completely paid off and clear of liens. However, it needs at least 45k in renovations. The area is not the best but there is a shortage of housing in the area (like most places in the country) and I would like to turn this house into a long term rental. Anyone have any tips on how I would obtain funding that would not depend on me as a person but solely on the asset itself

?

[Ray Hage]

What is the value of the house? You could get a construction and DSCR loan if the ARV value is high enough vs the renovations. You'd want to know the market rent for the type of house you have and see what it can support. Then decide from there if it makes sense to renovate and to what level.