Not enough money for a traditional Brrrr in my area. Looking

[Andrew Yozamp]

Hello everyone, As the title says the area I live in, which is Vancouver Wa has pretty high prices at the moment. Finding a distressed property at a great bargain seems to be pretty tough, I am only going off info I have received from local forums. I am still in the very begging stages of this process and am still trying to figure out creative options to get my first property. I do have access to a private money lender, but I don't think I can get enough to buy a property outright. Would it be a good idea to borrow enough money for a down payment and rehab cost for a distressed property? That way I can still increase the value of the home with the rehab and hopefully get approved for a cash-out refi in order to pay back my private money lender and repeat the process. I know there are many variables to this situation but I cant see to find any examples of this process so I definitely feel like I'm missing something. I'm assuming it has to do with the refi portion. Any insight would be greatly appreciated.  

Thank you for reading.