Turning Primary Residence into a Rental
I'm VERY new to real estate investing. I'm not sure how to proceed with this idea my husband and I have so I thought I'd ask all of you.
We owe approx $86K on a house in FL as a first mortgage and then $5000 on a second (of which $2500 is forgiven every year from a loan restructuring we did a few years back and we are due to have $2500 forgiven this March). The house is currently worth about $140K. We want to move out-of-state but keep this house as a rental. The house needs a new roof, new a/c, new bath and updated kitchen. The location is very close to the Gulf of Mexico and this neighborhood is a desirable location and real estate agents in the past have told us we could rent our house easily.
Is it possible to use hard money or some other private money to do the repairs so we could move soon and get it rented out?