The bridge loan has only been in effect for 5 months, the rehab is complete with all new updates.

When I heard the auction update everything became more clear that this deal wasn't what I thought it was and I was much less likely to get very deep into the process. 

That's just a fancy way of saying that banks want you to own the property for a certain period of time before they will refinance for the appraised value instead of as a percentage of how much cash you have into it.

With interest free periods you can make use of a lot of potential seed capital for short term investments.

How often will you receive updates? 

Roman Stefaniw Most private lenders work off a preferred interest rate and over a short period of time and will require points.

I'll keep you updated. 

Also, anyone have any input on the fact we plan on renting the house and keeping the garage.We want to update the electric.

I read somewhere that if you purchase the home with your own cash and renovate with your own cash as well that you don't have to wait the gestation period to refinance out of it.

If your parents have been living there for 16 years, it probably has the same flooring, has not been painted and has minimal updates.