You can use the HomeStyle rehab loan for Investors if you have 20% down off the sum of purchase price plus rehab dollars needed. It is managed in that you must use a licensed GC to do the work, not self help. These loans are done on ARV after renovated value. Basically allowing small investors to get into the game using a 30 year term loan at todays interest rates rather than hard money lenders at high rates.
work two full time jobs and live on next to nothing
In a year you’ll have the money.
If you had done this a year ago you would already have the cash
Yep, your own funds or a Heloc. You could buy materials on cc or credit, net 30. How much in Reno costs are you estimating?
I'd look at a lot of options before dealing with an ARV bank, contractors and draw schedules...
If the house is a find, grab it. Wholetail it or lease option it to someone handy if you have to. If you wait to figure it all out, it might be gone.