Financing rehab and reconfiguring floor plan

[Milton Chamberlain]

Hello all! 👋🏾 My husband and I are new to real estate investing. We just bought our first 3 SFH (buy and hold) in Columbia, MO. We bought these from my dad, who we didn't realize was essentially a slum lord 😳 (sadly, he didn't realize this either 🤦🏾‍♀️). We didn't have inspections or anything done since we were buying from family. Needless to say, we have learned our lesson there. Anyway, we have one house that will be vacant within the next few months and it will most likely be a gut rehab (3 bed, 1 bath, 912 sq ft). We are having an inspection done and walking through to get bids for the rehab within the next few weeks. The whole layout is pretty funky as it was built in 1930. I think redesigning the layout would really improve the house, but I know nothing about designing or floor plans or anything (I am a dentist by day 🦷 ) Is there a good floor planning software that is recommended or would you hire a professional to help figure out how reconfigure the space? Also, ideas for financing the rehab? We've depleted such of our funds buying these 3 houses and we're in the process of rehabbing one of them currently. I was considering opening a heloc. Any and all suggestions are welcome! Thanks so much 🙏🏾

[Milton Chamberlain]

@Jason Shackleton do you think a cash out refi would be a poor choice since we’re already in a 30 year fixed loan with a good interest rate? The heloc would have to be taken out on another one of our rentals, as we don’t have enough equity in our personal home.