Buying family-owned property out of state

[Nick Thompson]

Hi all, 

I currently work and rent an apartment in Los Angeles, CA. I have the opportunity to buy a house in Indiana (across the bridge from Louisville, KY) which my dad/aunt inherited from my grandmother 2 years ago. I believe the property is a great opportunity for rental for two reasons. First, the main house has the opportunity to increase living space by finishing the basement and by building a closet in the attic which would add one bedroom and additional living space. Second, there is a two story garage in the back which can be converted into an ADU on the top floor. I would be doing as much of this work myself as possible.

I've been researching ways in order to get a legal primary resdience mortgage on this since I only rent in LA, but I still live here, so I believe it will be considered a secondary home/investment property. However, I work remote the majority of the time, but have to go on site on occasion. What would be the best course for financing this purchase with as little down payment as possible, so I can use what would have been down payment money on rennovations which would lead to increased cash flow? Thanks for the time and help!