Bridge, HELOC or mortgage?

[Tim Hadfield]

Hitting the ground running with my first post.

Just started here with DP and my first order of business while I am learning all I can is:

I have purchased my first property to rehab and rent.

I need a financial input to carry me through the rehab and a tenant is found.

The nitty- I paid cash for the property on a bank repo. 50k on a 75k valuation

                  I am performing the rehab my self. apx 20k on a 95+k valuation

                  Property is on one of most desirable streets with best view. Great location by the golf course.

                  My personal home is paid off 175+k valuation

                  Cost to hold is apx. $400 + management with expected $950 rental.

The gritty- I am 55. I retired 8 years ago and show no income.

                   Lost my wife to cancer and went through bankruptcy 4.5 yrs ago. 650 range score.

                   House is in another state  2k miles away ( t or C NM).

                   My local credit union will not work with out of state properties.

I would really like to keep the house as a long term investment. But, I will be short on personal funds

by the time I am finished with the rehab and waiting for tenant income. 

A 40k injection would be perfect But, looking to get what I can under current conditions.

The next property will be done with a better knowledge base and skill set.

This is where I am at present.   

Thanks in advance for your time and input.

Tim H

Centralia, WA