Rehab loan on abandoned house.

[Seth Willis]

Hello,

I have come across a completely abandoned homes (abanonded in 2006) so I assume we can all gather up that it'll need a full rehab inside and out. I haven't yet obtained the title but I am working towards it. My question is, how do I go about paying for the rehab? Let's say I get the house for all in $5,000. Im assuming it'll need around 50k-60k in rehab costs. ARV is around 75k+ based on recently sold houses near it. Not to worried about that to be honest. Can I take out a normal FHA loan and put 3.5% down on the 60k loan and rehab it ? Or do a hard money loan and cash out? I have read that they do refinances based off of purchase price correct? Anyone with any experience in abandoned houses and fixing them up please help. Thank you