Inherited Home - Need to refinance reverse mortgage and remodel

[Erick Garske]

I inherited 50% share in a home in Edina. The home is held in a trust. The other heir does not want to keep their share of the home. They would prefer that the house is either sold, or be bought out.

I could be to apply for 203 K loan if I am willing to stay in the property for a year as my primary residence. Otherwise, a HomeStyle Renovation loan may be more suitable if I want to keep it or flip it.  Can someone provide me with some financing ideas other than the two that I just mentioned that would enable the other heir to receive cash from their portion of the equity based on its current assessed value and allow me to take ownership of the home, subsequently remodel it, and rent it?

Thank you in advance for your opinions.