Looking for a way to have my cake and eat it too

[Wesley Mitchell]

I’m just starting out on my real estate investment journey. The only thing I have to get started is a property I’ve inherited that own free and clear with an zestimated worth of 83,000. My wife and I make a combined 90k a year. Little debt (under 35k). And credit scores of around 650. We have no real substantial money we can use to invest other than the equity in the inherited home. The home it self is need of a total remodel. It was built 1915 and the bones are super solid but the last major work was done around the 70’s. My dream is to keep the house, totally renovate it, and some how use it to also fund an investment opportunity(flipping not holding). Options that come to mind are getting a Heloc for around 60k, use 15k with hard money or bridge for a fix an flip and the remaining 45k for my main property. Other options presented to me is a long flip where i get a traditional loan for a new property 203k FHA and live in that for a year then transition to the other after I’m finished the occupation requirement to sell. Is there any other way I can use the equity in my home to both fix my current home and fix and flip in another??