How would you go about this?

[Michael Montagna]

Greetins BP. Lot of moving parts on this one but would appreciate some advice and to know if my idea is worth it. Inherited a house from my parent and I put it in a "estate" because I'm not in a great financial position to take it over despite not having any trouble paying the mortgage. Credit score is decent, pay my bills, but currently negotiating credit score delinquencies, derogatory items and inquires from many years ago. 30y mortgage with 15y left. Currently 190k owed and house is worth 340-375k (2b2ba), leaving roughly 150k equity. As an avid consumer of RE investing knowledge, the 203k seems to be a great vehicle to start. I have someone I trust greatly who would purchase the house from me with an FHA for the cost of the mortgage. Are there any legal issues with them gifting me 40-50k after they cash out refinance? If I want to get the house back in a year or two, what is the best way to do that, with another mortgage or have the title deeded back to me? I could just wait two years until all my debts are paid and credit issues are resolved but why wait when inflation seems on the horizon and while rates are low. I want my debts off my shoulder and to wisely use equity or some money to invest in real estate. What do you think?

Current 30 year mortgage on year 15 @ 2% ($1800/mnth) 190k Left to pay / 340-375k Home value

FHA Takeover 190k = $700+ monthly payment. FHA 203k @190k + 60k Construction Cost = $1000 monthly payment.

FHA 30 year schedule is $700-$1000 per month. Would pay more to keep it on a 15 year amortization timetable.

Remain a renter in my own home until I can get it back in my name or buy it back.