How do I refinance into a 203k loan

[Chris Cedars]

HI guys, I just bought our first house for $350k on 7 acres near a lake. We got a deal on this one. The house needs a lot of work so I am trying to decide how to approach the rehab on it. 

Option 1: pay mortgage for 2 years build equity and take cash out refinance. probably going to be around $60k that I can get if only taking the 80% of equity allowed.

Option 2: HELOC

Option 3: Refinance with a 203k loan if possible? I bought the house 3 months ago so I'm not sure if it is possible.

Any thoughts on the 203k loan? Thank you for your imput.

We want to build on the value of the house and add a granny unit that we can rent out. current house is a 1500sq ft. 2 story. 3 bed 1 bath.

I'm 36 yo. My wife and I have two baby boys. Just starting off on this journey of real estate investing