It's hard to say for sure without knowing your market numbers, but I would bet you if you looked at a 10 year projection, you will probably have a better ROI with the equity in 2 houses as opposed to the equity and cash flow with one. 

Hi Luca,a rate/term bridge with rehab budget would be your best bet. there would be no PPP's since it's a bridge, you'd be able to pay off the existing lien, and you'd get your funds to do some renovations to the property.I should be able to help with this, but I'd need more information on the property and how much in rehab you are looking to do.

I’m also not a fan of buying a property that loses money every month, while hoping for appreciation and betting that interest rates will fall.

i think your best bet is to try to build a network within the investing world so you're positioned as a hub, someone who knows a lot of people, and see a lot of transactions.  

Consider exploring townhomes or single-family homes nearby with fewer HOA restrictions for more flexibility.

This is because losses in a Partnership LLC are generally considered passive or non-passive depending on your involvement, and the structure of the LLC can provide more flexibility in how losses are handled."

A business line of credit or personal loan offers flexibility, while a VA loan could be useful if you're eligible, though it’s for primary residences.

If you can hang on into next spring/summer I bet you'll get better rents or be able to sell.How about asking your lender to push a monthly payment to the end of your term for the purpose of fixing the asset?

Consider consulting with real estate professionals who can provide valuable insights and guidance.As you move forward, remember to remain flexible and open to opportunities that arise.

Smart move leveraging hard and private money for flexibility, and congrats on the above-listing price escrow—shows strong demand for a well-renovated property!