Need advice on buying an unfinished rehab SFR
Hi everyone. I'm 20 years old I've been following bigger pockets for a while and am ready to move on my first investment property. A property came on the market this morning and it looks like it could be a good opportunity. It is a 3/1 that is in the middle of a rehab but the owner ran out of money. (also the owner is the listing agent) She already has gotten framing done for a second bathroom to go in downstairs. The property has a new roof, new siding, new windows, new front door, and new retainer wall. Most of the demo and frame work have been done inside as-well.
The property is listed for $125,000 and has an ARV of $250,000. With that being said I see this as an opportunity to get in as an owner occupied, finish the rehab get it livable and rent out the extra bedrooms. My exit strategy would be to sell after a 2 year hold or hold on to it and rent out the rooms. (its located right next to a college).
I know that conventional loans are off the table. So would getting a hard money loan to cover acquisition and rehab be the best way to get in... until I can refinance and start renting out the rooms?
I would love to hear what some of you experienced investors think about this?
Thank you!