Flip or House Hack Current Residence
I have a question regarding private mortgages that I want to get some feedback on.
I currently live in a home that was purchased as a short sale by my father about 2.5 years ago. He purchased the home for 122k and believed the AVR to be around 200k at the time. I ended up owing my father 160k by the end of the deal to buy the house from him. I was thinking flip throughout the whole process and now my wife is insisting that we stay. Also, we closed in a 500sqft shed and made it into a tiny house. It has w/d, full, kitchen, full bathroom. We are currently renting this out for $600 and have a new tenant moving in starting February.
The home is now worth 230k easy so there is plenty of equity in the home if we wanted to sell now but with the income, the property now attached im think we should try to get a mortgage.
Should I go private money on a mortgage? (independent contractor hard to get approved father wants to pull the money out). If so what interest rate should I be fair for not traditional lending.
thank you