Do a commercial loan instead of a traditional.

Let's use some real numbers from a friend's project that was recently completed - she used a hard-money lender and went the traditional route of 25% down on the property and footed the bill on the reno costs.The property cost $320K - she had to come up with $80K out of pocketThe renovation costs were $120K - all out of her pocketAll told, she had to tie up $200K until the project was completed and soldHad she gone with this new way, she could have acquired the $320K property for $32K (down) and had ALL $120K in renovation costs completely financed. 

We are exploring brrrr and traditional mortgage methods based on what’s works best.

So accessing the equity through a HELOC would be easiest by keeping them in your name.You can go with a traditional refi approach. 

I tried to get a traditional mortgage and was approved but when the bank appraised they said around 60k of work needs to be done in order to get a conventional mortgage on this property.

Anyone on this platform ever purchase this service?

Hi Kristy,If the only problem is the lending, then you could potentially look outside traditional lending. 

If you’d like, message me on here (I’m new to this platform and not sure how it works) I have some more questions that you might be able to answer.

@Adrianne G. most MLS services are focused on servicing the main sector of the market which is traditional buyers and sellers.

It may sound great for hosts, but this policy will create negative long-term feelings towards STR platforms.