Rates are a bit high at the moment but try to get something without a prepayment penalty and then refinance in a couple years when hopefully rates are lower.

@Tonia EdgestonIf it’s non owner occupied you could get a hard money loan to pay back taxes and repairs but these are short term (typically 6-12 months) then you would need to refinance the propertyYou mention this is also in probate - depending also on other debts etc it all may be for not and you may need to sell to pay off other creditors.

Another way is the BRRRR method—buy a rundown multifamily unit at a discount, fix it up, rent it out, and refinance to buy more.

One thing I wanted to do was to get some advice on opportunities that would add the most value to the home as I'll be looking to refinance after making a few updates.Since I'm a little unfamiliar with what would give me the most "bang for my buck", I figured it'd be worth it to share my Zillow rental post, give my thoughts to you guys, and see what you all come up with since I'm a day one newbie here...https://www.zillow.com/homedetails/698-Bridal-Ave-Jacksonville-FL-32205/316819570_zpid/?

Your options are A) look at pathways for getting you on the mortgage, B) live with the marginally higher rate and possibly refinance once you're income is more stable and/or if rates were to drop, or C) buy the rate down to whatever number you want. 

Obviously this doesn't make a lot of sense from a cash flow basis but if we were to refinance it later on at a lower rate, after we do some upgrades, that could significantly help us but the reduction in cash flow is concerning.If we take the equity out and truly Brrr it, then we are doing better because we avoid the lower value mortgage but can finance at a higher level after reno.  

I'll live in the least valuable room/unit, and after the rehab is complete and other rooms/units are rented, I'll cash out refinance for the ~75% LTV.

Then pursue a refinance to pull out your renovation costs, or sell when the market allows a larger spread between costs and selling price.The key is finding the right markets and deals that make economic sense for your flipping model.

Cashing-out the equity every 5 or 6 years on a refinance is TAX FREE., while cash flow is taxed.

These loans come from people or groups, not usual banks, and are often used to buy properties, refinance, or fix them up.