Can someone provide me with some financing ideas other than the two that I just mentioned that would enable the other heir to receive cash from their portion of the equity based on its current assessed value and allow me to take ownership of the home, subsequently remodel it, and rent it?

Good to hear that the slow season for you is just two months.

I have personally done 4 flips, one was a hold/rental that I eventually flipped and old, one was a house hack, and two I did out of market with HML(my first two were out of pocket) 1 I sold and 1 I held. 

My team has been dominant in this area for years, but with the strong appreciation the last two years the numbers just don't work anymore (normally).

This puts us somewhere between 18-27mo pending sale.Land Acquisition: 1M + 50K in closing costsHard Costs:Demo: 50KConstruction + Architectural Plans (survey, topography, permitting included) = 1.6M + 80KPool: 100KSoft Costs:Appliance package: 50KFurnishings: 75KLandscaping: 20KAnnual Carrying Costs (utilities/property tax/maintenance): 45KTOTAL: 3,025,000.00 After speaking with two lenders, it seems the best course of action would be to put 20% down on land for 12mo/interest only.

. $225KProperty Features:First floor: 2 bed/1 bath, potential rent $1,200Second & third floor: 4 bed/2 bath, potential rent $1,500Separate utilities and heating/central AC systemsInitially, I projected over an 8% cash-on-cash return.

I mean take two months vacant at 1k each is 2k.. over 300 bucks a year increase will take them 6.5 years just to earn back what they lost.. not to mention the risks of letting homes sit vacant for a few months.. nothing good ever comes from a vacant rental.

Log every activity to the exact minute for the next two weeks.

My investors usually close within a month but recently had someone doing a short sale so the process took two months just for them to agree on the sale amount with the bank.

@Mason VitalisYou may be referring to the 2-out-of-five-year rule which states that you must have owned and lived in your home for a minimum of two out of the last five years before the sale to qualify to exclude up to $250,000 of that gain for individuals and up to $500,000 if you file a joint return.