To renovate or not to renovate?

[Holly S.]

I am about to have a house transferred to my name in Maryland. It's a total disaster and although I haven't had it appraised yet, I'm assuming I will not get much when I try to sell it. It was built in 1993, the driveway needs to be replaced, there's a sink hole in the back yard, the landscaping is horrendous and the interior has leaks, visable mold and nothing is salvageable. What I really want to do is gut it, remodel and sell it for the highest profit available. The houses in this area are selling in the 270,000 to 310,000 range. I really don't know where to start since I am a stay at home mother with no monthly income so I'm assuming I couldn't get a loan. I've heard of home equity loans and construction loans but I'm not sure which one would be best for my situation if any or if I should look for a private investor.Do you think it's best to sell it as is and use those profits for future investments or try to somehow make the most of this opportunity? Any advice would be greatly appreciated.