Seller Finance Purchase. Ideas on Funding Rehab?

[Jake Handler]

I am under contract on purchasing an off-market home, seller finance in North Jersey.  I am getting a 5% interest rate, 30 year amortization with no balloon, no prepayment penalty.

I am deciding the best way to fund the rehab.  The home is in semi-rough shape... liveable (barely), but certainly not rentable.  Although I'm confident I can fix and flip it, my plan is to keep it as a rental.

My dilemma is... where do I get the rehab funds? This home can use 200k of renovations. The seller is already in first position and in a perfect world I'm not refinancing out of those terms, and I'm not giving up equity to a money partner. A HELOC may be an option but I'm full time real estate (no W2) and have a couple properties and my DTI is relatively high. Perhaps a bank statement HELOC would work for me... still figuring that out.

Any other creative ways to get money for a rehab? And then ideas to pay it back? The ARV supports the juice, but I think either my "perfect world" has to be compromised, or a HELOC of some sort- if I can. Hopefully people smarter than me can chime in here for more creative ways to get rehab money, perhaps using the house as collateral in second position if possible.