Loan ideas needed, big fixer-upper

[Constancia R.]

LOAN IDEAS NEEDED. We have the opportunity to purchase for 96K a home with an ARV of 200K. The things we'd have to hire out are roofing, insulation and electrical.

What we'd like to complete ourselves are siding, flooring and kitchen remodel.

From the lenders we've spoken to, it looks like a licensed contractor will have to both provide an estimate AND do the work, which really cuts down on our gain. We've been presented two scenarios: 95% of purchase + repairs at a whopping 5% (and refi later, as rates continue to rise) OR one loan for purchase and they'd also give us a rehab loan.

With the contracted work plus DIY, we were hoping under 50K, maybe 60K.

We have great credit and are retired military. How can we best finance this without surrendering all of that control (and $$$) to a contractor?