The easiest way to borrow like this is to find an experienced local hard money lender, usually at a real estate club, and pay them to prepare the loan documents and perform the origination for you.

@Rebecca Beck There are some situations that you can put yourself in if you perform a HELOC on that property.

We have found the following benefits:1) We can demand an extra $30 - $50 per month in rent for the convenience of en-sute laundry;2) Tenants pay their own electricity, hot water and, if sub-metered, water costs related to laundry;2) In small residential buildings (like your quad) we often no longer require an electrical entrance for the house;3) Vandalism of the laundry machines is non existent {though it was never significant} ... if something happens to a machine, we know who is responsible.4) High-efficiency residential laundry units are 50-70% the capital cost of equivalently performing commercial coin-op machines  {between the extra rent and depreciation, we find the machines are paid-off in ~2.0 - 2.5 years}.

This strategy will generate more business than a new agent can handle if performed consistently.

Landlord may contract with service providers to perform services at the property.

I'm not saying stocks are bad but 401's don't as a rule perform that well.  

I recommend Tommy at District Title to perform the work.

So for instance a portfolio deal I did last year, no renovations necessary, already performing assets:Purchase Price: $994,000Appraised Value: $1,265,000Max Loan: $885,500 (ARV*.70)Amount Down:  994,000 - 885,500 = 108,500 Since 108,500 is more than 10% of $994,000 that's what we put down.  

Plus, if it's your first experience with a property manager (and out of state investing) you might want to see how they perform on something that's more cut-and-dry and letting your first experience with them be managing a rehab project.  

How have they performed?