One thing that we felt was important in selecting our property was to hedge our bets by ensuring the property would function as a long term rental since we know the current climate in New Orleans regarding STRs is not positive and there have been on-going regulations coming out because of this. 

Rates may still be high, but sometimes they’re more flexible with repayment options than a mortgage refi.Family Loan Structure: Since you have an existing interest-free loan from family, you could talk to them about restructuring or even adding onto it, if they’re open to it.

And I'd definitely get that document into the hands of some good counsel for feedback on your options. 

My goal is reviewing retirement options. 

I optioned the property about 4 years ago..

Hey @Sundone Boutvyseth,Similar to what @Brad Jacobson said, your best option might be a secondary residence loan if you want to STR.

We are budget conscious and don't want to spend much on the interior by going with a general contractors(that will be the last option).

Read my Utilities 101 below to see some options.

As far as investing in the short term I feel investing close to home (50 mile radius) is the best option because you have a superior advantage by knowing your market.

If you’re looking to finance a rental purchase, a DSCR loan could be an option, as it focuses more on the property's income rather than your personal credit score.In the meantime, you can get your current property rent ready while also working on improving your credit.