Question..Today is 8/1/24.

It would take about 230k to resume it, so my question is what are my options for financing?

Obviously the financials must make since and there is seasonality to the income, we'll reach out to our insurance broker to see what that'll run.

The state is Florida.I did not consider this first mortgage an issue because I was simply going to live rent and mortgage free in this property myself, rent bedrooms, make good money and recoup my investment in short time (netting 4k income per month if you count not having to pay my current rent).

Let me know if you have an questions in regards to fix and flip financing 

Let me know if I can answer any questions

I also don't want to be cash-strapped from using my W2 income to cover these costs.

Turning the studio into a functional Airbnb (if its allowed by your HOA or local government rules) or long term rental to increase your income.

Connect with a mentor I could ask questions.

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.While the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall annual loss.