This would cost 10-12k and 2-3 months to complete2.

It lets you borrow against that equity to help finance a down payment or closing costs.

Value is being added to this deal by a full gut rehab and remodel of the current layout.

Now, I need private or hard money to do the rehab but no one wants to be in 2nd position after the seller.

@Garrett BowserAgree with Wayne as it will increase his insurance and bond costs for having this project on the books along with the liability.I would guess 3-5% of project costs.

What about for rehab costs?

But that is in line.As mentioned, the cost of finding a new renter for $100 makes zero economic sense. 

They have a report bills to credit angle.What will happen is that instead of you paying your bills directly, you pay tomo and they pay your bills and depending on how much you decide to pay them monthly they will report 1000 - 10000 in a type of credit line to credit reporting bureaus.There are a lot of these report bills to credit services available these days and most cost less than Tomo...Tomo Boost is the only one I mention because they can back up to 24 months... so if you've paying your cell, or Netflix or Electric Bill... literally any bill... they can back date up to 24 months.So... if you do both Tomo and Rent Reporters... inside of 30 Days you would have 2 accounts over 2 years old and your credit would be in a much better position for applying for a mortgageOne other thing that is worth mentioning is that INCOME is MUCH more important than credit when applying for a mortgage.

If so what's the cost per sqft?

As a starter, I recommend reading “Long-Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Rental Properties”(if you still haven't).