Inherited Property - Guidance needed!

[Michael Majer]

Hello everyone,

I have recently inherited a property (Single family) in Pittsburgh, in a desirable investor neighborhood.  The house needs a lot of work.  There is no mortgage, I now own the property free and clear.  To this point, I have only worked with buying rental properties.  I have never attempted to completely rehab and flip.  I have very little desire to rent this property, only fix and sell.  I have emptied the house of its belongings, begun to do the basic demo stuff.  (Pull carpets, tear down drop tile ceiling, etc) 

I do not have enough capital at this point to fully handle the renovations and repairs.  I have asked around about hard money loans to fund the repairs, and most feedback I have received is that since I already own the property I will have trouble finding a hard money loan. 

I have discussed HELOC on this property, concerned with potential high payoff when I sell the property after repairs. Still looking like a possibility to go the HELOC route at this point.

Has anyone ever been in this situation, or familiar enough with this scenario to provide feedback?  Also, does anyone know of a lender/investor who would be interested in this scenario?   I have little desire to rent this single family property, as I usually work with multifamily.   I'm open to things with this property.  First and foremost, guidance on funding repairs on an inherited property.  

Any help, guidance, or discussion would be greatly appreciated! 

[Brent Coombs]

@Michael Majer, can you share a little about what sort of ball park its current value is (and also what its After Repair Value should be, based on sold comps)? Also, Investors would want to know the expected rent per month? Welcome to BP. All the best...

[On the surface, it looks like your multifamily investments have not served you well so far?]