Does this even make sense?
Looking to get a hard money loan to finance a 55k Distressed property+ 30k repairs. I am keeping this as a rental property
Then refinance with a 30-year mortgage from a bank to pay back lenders after renovations are made.
The deal is a single family ( $100k ARV) that I will turn into a duplex. Small church structure that I will turn into a single-family apartment. And it is bundled with an adjacent lot.
Does this type of financing make sense or should I seek an investor partner? Note I don't have any experience and the only value that I can bring is that I can get this deal to them for a lot less.