How to finance a fixer MFH?

[Vicky L.]

We are newbie investors (looking for the first deal to BRRRR). I found a quadplex (1/1) with a detached 1 bedroom. It is a fixer! I would like to fix the fourplex and keep the small detached house as a second home. Possibly rent out the small house during the school year and use it in the summer. On skip the second home and make it a fourplex and detached 1/1? Is that commercial?

I don't know what to look for in financing a fixer. We have the down payment and rehab money from a HELOC. What options do we have to get financed? Do I put the deal thru the BRRRR calculator and print out a report for a lender? How do I find out the ARV to refinance?

Thanks in advance =)

Type of property: It is an old large house. The photos show a house in mid-rehab. It has separate electric meters in the photos.

Location of property: Near Boise, Idaho. Near a University and a downtown area.

Purpose of financing: purchase, maybe rehabbing? (we have a HELOC to fund 20% and rehabbing)

Type of financing sought: Not sure.

Current or prior ownership of real estate: We've had our primary home for 10 years together (husband owned before meeting me).

Occupancy: Renting to singles possibly students.

Value of property at present and/or your offer price:  up to $200,000

After repair value: I'm not sure but guessing $350,000. The current assessed value is $200,100.

Anticipated or actual appraisal issues: DK

Current rents per month: not occupied

Fair market rents per month: $700 per unit (according to Rentometer)

Down payment or equity: 20% 

Source of down payment funds, if applicable: We have a HELOC open. We can use this for the down payment and rehab.

Income Source: Salaried/hourly W2. We have a good yearly income and very good credit.

Gross monthly income (optional): Hubby doesn't like to disclose, but very good.

Monthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: $

FICO: Over 780.

Credit issues: None.

Additional details: We are in California and plan to invest in the Boise/Treasure Valley area.