Eliminate debt, establish a budget, and save.

I think the first step would be to contact a lender and figure out our best options moving forward.

HELOCs are definitely a good option for financing BRRRRs.

Look into local tax incentives and financing options, and reach out to local real estate groups or mentors to better understand the market.Good luck!

I wasn't aware it was an option.

We've been very friendly and respectful to each other, and just don't want to ruin that kind of tenant-landlord relationship.

I selected Lewiston for the post as I didn't see an Augusta option, but I do work all over the state.It was my family's property management business that brought me to Maine and sparked my interest in and passion for helping investors achieve their goals. 

As a new fix and flip investor lenders will typically want to see 20% down payment and will be able to fund 20% of the rehab budget (80% LTC). 

It would be a tight budget but I do have money set aside for repairs.

I know there are a lot of options, especially since they are family and willing to carry the loan.