Since you will be renting it out you should get a conventional loan.

@Jordyn Ohs pay off/down your Heloc aggressively and/or look into DSCR loans for future acquisitions.

Even after one year, that property may provide thousands of dollars worth of appreciation, you will pay down your loan and build some equity, and you can depreciate the asset. 

I began shopping for a large construction loan to build a new car wash on the land. 

We were able to get into it with a 5% down primary residence loan.

Instead, consider a HELOC or home equity loan to fund repairs, as the interest may be deductible if used for home improvements.This post does not create a CPA-Client relationship.

I've managed to secure the loan for the new house without having to sell the old house first.

I have gotten a few loans through Kiavi.

I see why folks are asking this company says they do 100% loans for purchase and rehab with a whopping 620 fico..

started the interest rate at 8.5% and wrote in the contract that their interest rate will change anytime my bank loan's changes (every 5 years) and will always remain 2.5 interest points above...for what it's worth...i have another under contract that hopefully will close soon..i'd be interested in hearing about this wally wrap as well bryan...what was that?