Funding options for rehab of home already owned

I have come into possession of a family property I'd like to rehab and rent out but I'm looking at whether the math can work to cash-out refi after the rehab, and my numbers aren't quite getting there. I'm debating whether it's best to invest in other properties until I have enough cash on-hand to make the math work for this one. The house is a hundred years old, not currently habitable, and is not in my home state.

Current value: $75k

Remaining mortgage: $40k

Rehab options:

• $15k to be habitable

• $30k to rent at $850/month

• $80k to rent at $1600/month

ARV: $140-160k after $30k rehab, $200-210K after $80k

Lenders have been shy so far because of that current LTV.

Anyone see a way to make it work? I could pay off the remaining mortgage but then I'd have minimal funds left to put toward the rehab, etc.