I own a duplex, owner occupied, paid in full but it needs a roof and cosmetics, mostly curb appeal.

Sounds doable but would need more details to be able to give you available options to consider. I'm a local lender in Davenport, IA so I'm very familiar with the QC market. I can give you a no cost quote so at least you'll have a good idea of what to expect & ten you can make your decision. Please call or email at your convenience. Todd ThollMain Street Financial563-324-9937toddt@mainstreetfin.com

203K is the rehabilitation loan, but if your intent is to "Move out".. Then you would be committing loan fraud if you obtained a loan with that intent.. FHA financing is intended owner occupied properties only... you're better off getting a Home Equity Line of Credit HELOC, and use the funds to do your rehab, once it's completed, refinance into a mortgage... the few dollars you might save is not worth it in the end up having to deal with the FBI... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

You may not have to "pitch" this at all to a lender. It sounds like an FHA 203k loan would be perfect for you. These loans are intended for rehabbing. However, the property does need to be owner occupied. You can read an overview of the program on my website here: http://www.myhomefunds.com/203KRehabYourExistingHome I would be pleased to answer any questions. I am an Illinois lender.

Since this subject property is "paid in full" - then let's do a new loan, and send you home with the equity via a cashout loan. Then you do not have to mess with the construction loan, or a 203k loan, etc. We lend up to 70% of the appraised value of your duplex. Call me to discuss - and yes, I am working today to better serve the needs of my clients. We're a Mortgage Banker and lend our own money! Jeff Albrecht / 512-807-2951.

I don't know about IL but some states and cities have home improvement loans available that offer a below market interest rate and easier to qualify for. Contact your city, county or state finance agency to see what is available.