For the purpose of my project, I am looking to borrow $70k to purchase the property, fully fund the rehab ($12.5k) with personal cash, rent it out and cash-out refinance 75% LTV (ARV of $115k) after the 6 month seasoning period.

Hi I am trying to get a refi through that got a refer on DU, Borrowers score has gone up to 699 from 679 but his 3 tradelines are with same co, at zero bal he has 1 late on tradelinehe is W2 his ratio is about 46% and DTI 80% +.But I cant seem to get a true comp that can lower LTV if the guest house is used and the same goes for the income I am using one from Trulia but it does not include GHthe area goes about $500 per sq ft it would increase the value greatly on that alone

Neither choice seems like a mistake.

It’s simple....will You as the borrower Actually be living there and will it be Your primary residence, or not?

I would seek competent tax advice, but if your spouse is working a regular nine to five type job (hourly wage or salary) then the choice will probably be straight forward.

@Frank LeoneHeres what Id want to see:Acq priceRehab budget with contingencyTerms of borrowing/lending (length and %)Comps (as-is & ARV)What are you putting in $??

Be careful, borrowing from your boss is risky. 

You have equity and the ability to borrow money on a deal 3 to 4 times as big.

Consequently, a lot of borrowers hearing about this going on accessed their lines of credit to get their “Cash/ Equity” out before it was frozen and simply moved it to a bank or other account just in case.The note won’t be called due necessarily, unless you were in breach like not paying, but would still have the same terms in place.  

Since you mentioned you'll still be getting financing this means you will have more borrowers and people on title then just yourself which means you will need their full cooperation at all times to complete actions smoothly.