Triplex in the loop Houston

[Isoke Craig]

Hello,

We are newbie investors and currently have a triplex under contract. It is a single-family w/ a 2x1 and a duplex with a 2 x1 unit and an efficiency unit with 2 storage areas that can be turned into a 2x1. This is really rare for Houston and we were able to get a 2.75% 30yr-fixed FHA loan with 10% downpayment!

But the property needs work. There are illegal electrical and foundation issues in the single-family and duplex. The duplex requires a new roof and we were able to get the sellers to agree to pay for the new roof. Since we are new we hope to complete all work necessary before renting out the place to reduce issues in the near future since we are self-managing the property. I have started to get quotes for all the work necessary but my question is, would it be better to finance this construction work with a HELOC, cash, or a construction loan. Can you also explain why the particular financing is your preferred method as well?

Also, we gladly welcome recommendations for foundation, electrical, and roofing contractors as well as investor-friendly banks and insurance agents.

Thank you for your input, we greatly appreciate it.