Question about Financing Rehab

[Michael DeLuca]

A family member has approached me to run the project for them selling a property with which they inherited. Property is in Philadelphia, PA. The property as is worth is between 150-160K. I am still performing due diligence on the ARV but it looks to be in the 250-260K range after about 50K of rehab. Having said this, the property is free and clear. Can they get a HELOC on this? Can you do cash-out refi? Do I need to form an LLC and then apply for a business LOC? I appreciate any info you guys can provide. Thanks.