Single Family rehab project

[Sheila Villacampa]

I have a fixer upper single family house in Chicago. I plan on fixing it with the intention of living in it for 2 years and then rent it out. My questions are: 1. What are the best options for financing the rehab process. I thought about getting a home equity loan of the house I'm living in now that does not have a mortgage but also does not have a lot of equity. 2. I got the house from Wells Fargo, which had existing violations such as mechanicals not being there, problem with garage that is no longer there. I asked the city on how I can clear them, the response I got is to fix up the place and call them for an inspection so they can clear the violations. My question is can I start te rehab process without getting the city permits? 3. What kind of agreement can I make with the General Contractor? I have contacted a Contractor who is a family friend, he is willing to partner with me but basically I don't what kind of agreements are there. Any suggestions are greatly appreciated. The house by the way I paid cash with my retirement funds. Thanks again.