Lease-Option Exit Strategies

[Chris Karley]

I just signed a 2 year lease-option contract.   I understand the risks of performing this large of a rehab under Lease Option, however I trust the owner and my time-frame is short. I have the ability to raise the total capital of the project (through HELOCs, private loans, CC's etc). I've about locked down all rehab financing, but it would take some legwork to come up with enough to purchase. I have decent credit and a W2 Job. I would like to retain the property to rent after the rehab.

Conservative Numbers: 

ARV: 180000

Rehab: 60000

Purchase: 55000

70% Rule: 64%

What are my options when it comes to exit strategies? Can I pull an investment loan @ 70% after i've completed the project when executing the purchase option? If so, can I get pre-approved to help obtain private investors?  Should I purchase the property now? If I do, am I strapped to the 6 mo seasoning? 

Interested to hear everyone's thoughts!