Line of Credit to purchase??
How's it going Bp, I've ran a Duplex for $3500, it has some fire damage on one side of the unit. I was considering using my line of credit to purchase, and a construction loan to remodel(Considering I would live in one side, and have the tenant pay for the loan without any money out of my pocket). I figure I will pay the loans off in 1yr, It is valued on zillow for 37k, and may only need 6-8k worth of work. Should I purchase this with the strategy I came up with, or would it be better for me to wholesale this deal.. This property is located in Memphis TN nearby the Liberty Bowl..
Any input is greatly appreciated, and this idea of financing is just a sketch.