Acting as proxy & contractor for relative flip

[Kate McDevitt]

Hello!

I'm in a unique situation in that my uncle has "given" me his old house after he relocated to be closer to his siblings.  He asked me to fix it up and sell it, and then he'd let me keep the profit. My name is on the deed, but I don't have enough money to do what needs to be done.  It was built in 1900, updated in 1970 and never touched again. It's a 3 bed 2 bath on an acre flat plot.  

At appraisal it was worth $500K and it is in a neighborhood where homes that are on a third the size of the lot are going for $800K.

What's the best way to get a loan, about $150K, to rehab his house and get it ready to sell.

[Chris Seveney]

Quote from @Kate McDevitt:

Hello!

I'm in a unique situation in that my uncle has "given" me his old house after he relocated to be closer to his siblings.  He asked me to fix it up and sell it, and then he'd let me keep the profit. My name is on the deed, but I don't have enough money to do what needs to be done.  It was built in 1900, updated in 1970 and never touched again. It's a 3 bed 2 bath on an acre flat plot.  

At appraisal it was worth $500K and it is in a neighborhood where homes that are on a third the size of the lot are going for $800K.

What's the best way to get a loan, about $150K, to rehab his house and get it ready to sell.

 as mentioned, I recommend getting a loan to rehab the property. Before sourcing the loan I would  speak with a contractor on getting a complete scope of work done and pricing. That way the lender has an idea what it is you are doing and cost. Going to a lender saying "I need $150k for rehab" will only lead to potential scam artist lenders. Also never pay any upfront fees and go with a trusted lender who closes through a title company.