HELOC vs. Refinance

[Kolee Spink]

Hi All!

My Fiancé and I are new to this group and have been wanting to get into rentals and flipping and everything overwhelming.

We have “owned” our house for 5 years. My grandparents lent us money to purchase a fixer upper which we have fixed. We have our grown this house. We need advice on paying them back the remainder we owe. We owe $24k.

My question here is...should we take the equity out of the house, pay back the grandparents to get out from under them and then rent our house out? Should we refinance? Should we look at rates for both options? We would love to keep this house as our first rental. Any and all feedback is so appreciated!