Seeking Renovation Advice for My First Investment Property

[Cameron Marro]

Hi All,

I bought my first 2-family property in CT just under a year ago. I renovated the first floor already (where I currently live), and now that I am evicting my tenant (yippee lol) I am looking to renovate the second floor when she leaves.

I was hoping to do a HELOC, but after looking into it realized my only option is a Conventional Cash out up to 75% Loan to Value. Based on what I currently owe and how high rates are this doesn't seem worth it to me.

Does anyone have any advice on what the best way to do this is? I have quite a bit of debt that I am working on paying off (luckily it was loaned to me by a family member with no interest and no deadline). It is also not an option to not renovate as she came with the house when I purchased it and absolutely trashed the place. 

I appreciate any help!

Thanks

Cam