Best way to fund my 2nd property

[Ryan Young]

So I am a little over my head currently on the funding of my 2nd rental property.  I have the funds for the down payment (20%) on a conventional loan, but do not have enough for the rehab.  Here are the details:

Purchase Price: $70,000

Rehab: $10,000

I initially thought I should use (1) loan to fund the purchase price and the rehab, but my lender recommended me to use a conventional loan for the purchase price and take out a personal line of credit through them to cover the rehab.  I am very confused on how this would go.  I am assuming I would need to refinance after 6 months to get money back out in order to pay back the personal line of credit.  I would definitely appreciate any insight on this or advice on how to go about getting this deal wrapped up.  

[Mark Petitmermet]

Best to get the information from the man himself!! Thanks @Alexander Felice. Good grounding advice. By the way, I really enjoyed your podcast too. 

Good luck @Ryan Young. Let us know how things unfold.