Then when title is in my name it would switch to a HELOC with a variable 6% interest rate.

@Alex Kehaya all good points and we can all agree that offering on any properties there is a lot of variables.

I know there are a lot of variables in the mix but getting a tenant in the other side would be the main focus.

People often initially “understand” that many variables are in play and that risk comes with the territory, but when things go south, it’s very easy to forget and feel cheated in the end.

The personal line of credit however might be a variable rate and could bite you long term, so just be careful how you go about this and make sure you are not overspending your way into this rehab (happens a lot more than you think). 

Pretty hard to say without seeing anything, availability of that particular flooring is potentially a big variable.

But also keep in mind that WHO you individually work with is hugely important, and put a premium on finding someone who gives you honest and timely communication. ...Lots of steps and variables to successfully getting loans closed, so you need someone you can work well with.

The rate is usually variable, however, which means it can increase if the prime rate changes.A cash-out refinance would come with a fixed rate, but it may extend the life of your existing mortgage.

To me that's a pretty variable income but it might even exceed your expectations.

As @Samuel Hudacek said, there are waaaay too many variables to consider.