I'm on the tail end of a SFR rehab and getting ready to cash out. The house was purchased with Cash using HELOC funds from our primary residence. (teaser rate of 3.75% through november) I'm 1 month away from the 6-month period that many underwriters require for typical non-agency loans. If I choose to wait the 30 days, I've already qualified for a 30-yr. fixed with cash-out up to 75% LTV @ 5.25% Ultimately, this might be the best bet, but I'm exploring other creative opportunities. Cash flow is not important at all; my main interest is going free & clear on this property.

  Some ideas:

1. Sell a note for $100K at terms similar to conventional financing. (this would put me at about 58% LTV and keep enough equity in the home to hedge vacancy and a downturn in the market.

2.  Borrow "family/friends" money equal to rehab costs (to pay the bills) and then wait for the 1-year mark for a Fannie loan.

3.  ??? I don't know what I don't know???

Any advice would be appreciated.