Flipping a house you already own
I bought a house in 2009 before getting married. In Nov 2013 I separated from my wife and spent the next couple of years going through a nasty divorce while she lived in the house that I continued to pay for. In the divorce she was granted another year to live in the house while I continued to pay for it and was given the option to purchase the house by buying me out of the loan any time within that year. While indicating to me the entire time that she had a co-signer and would be buying it, she quietly moved out 3 weeks before the year was up. I found out about it because the neighbors found me on Facebook and messaged me to inform me that she moved out 2 weeks ago and left trash (including a toilet and mattress) all over the front and back lawn. The house was pretty destroyed. I hired a team to haul away a truck and a half of junk, rotting food, and cat & dog mess from just about every room. It looked as though the house hadn't been cleaned since I left in 2013. Prior to her leaving she sold appliances, hardware from the cabinets, entire doors with the jams, and even the compressor to the car lift next to the garage.
We spent a month just cleaning the home to make it livable and I moved in. I owe about $250k. It will take about $5-7k to make it rent ready. It would take another $20-50k to sell it for $350-$370k.
Questions:
- Is it worth putting the money in to flip it?
- What options do I have for getting the $50k to fix it up since this is a house I already own, and it it's current state there isn't enough equity?