I need help figuring out what type of loan to use

[Silvia Funez]

Please help ! I am looking to purchase a property in Puerto Rico. Its a fixer upper who was abandoned about a decade ago . It has a big lot and is close to the coast . We are in the process of negotiating the price . I think we are going to end up purchasing it for 20,000.00

This will be our first real estate investment. My husband and I have never had a mortgage before . Our credit is in good standing . We have a car loan and a couple credit cards . What I would like to know is what is my best option of a loan to fix this house ? We have exactly 40k cash to start with , 20k will go to purchase the house . Should I use the other 20k towards paying for the renovation or towards paying the loan for the renovation? But also I don’t know which loan will be best to use? The plan is to rent this house as a vacation rental once is ready to get our money back . We are not wanting to sell this house again for now , we would like to keep it. So I understand it may be a slow return with the rentals so which type of loan or options do I have to not let interest take over ?