Not sure which way to fund this deal
Hi. My friend just won the house in a divorce for $12,000. It needs about $60,000 worth of work, he thinks. He's not yet sure whether he will sell it or rent it out after it's rehabbed. He'll pay cash for the house from his savings. Should he get a line of credit? Or get a construction loan? He mentioned getting a mortgage, but I don't know how that would help. He owns another house he could use as
leverage somehow. I'm a newbie, so can't really advise him yet. What would be best for him to do?