Hi everyone. I have a propery I flipped and it is done and on the market but the ARV was sorely overpriced. ..and truthfully the market has gotten soft in addition. I owe my HML and a private person too...to boot, my incompetent contractor did not finish the attic which was to be a fabulous bath and master bedroom that would ADD value and really sell the home. He took off and we are in litagation...It would have SOLD by now had he done so but that ship has sailed. It's a 3 bed 1 1/2 bath that was suppsed to be a 4 bed 21/2 bath.

The rest of the home looks awesome but people see that Attic which is framed out and ready to go...The issue is that  I just dont have the money or time to finish it.

I am seeking advice based on these 2 alternatives:

1. Pay off my 2 debts and rent it out for a year, refinance it... I need about $250,000 and would like an interest only loan on no more than 10%. with no prepayment penalty. ( or a bridge loan)?

2. Keep dropping the price but the HML and points are killing me. If I had time to rent with an option to buy, I could finish the Attic and re-sell a year down the road if I could get the loan I need.

The home is really nicely done and I I believe will appraise for about 300K and could easily get that if the Attic were finsihed as I had heoped! but it's been on the market for 6 month- 

Great Frederick MD, Downtown location!

Any advice would be appreciated! At this point I wont be making a dime but want to get it off my plate. I imagine I'm not the first person in this forum to have this predictament!

Need some creative advice! It's NOT my first Flip, we have done 4-5 but this is a disaster!!

Thanks

Kathy!