How to best finance buy-and-hold that requires rehab?

[Kurt Schell]

We've found a home here in Oregon (Clackamas County) that we're interested in purchasing as our new primary residence, and it includes a rental SFH on the same property. The home is in the midst of a remodel. It will require about $75k to finish the remodel, and the purchase price will be about $575k. The post remodel value is $750k-$800k. We're still working on firming up the remodel cost and purchase price as we are not yet under contract.

I looked into a 203k rehab, but their limits are too low to complete the necessary work. Because the home lacks flooring and a finished kitchen it does not qualify for a conventional loan. At this point I'm thinking my best option is a hard-money loan and then to refi the home after completion of the remodel (is this dumb?).

We are capable of bringing in 20%, but we'd rather keep our capital on the sideline until the refi, if possible. Is there a better financing route?

Any advice is welcome.