financing for renovation loan

[Rob Randle]

So I am looking at some properties that need minor renovations, around 10K.  Basically I am looking for the best way to get a loan for this type of renovation.

For example, looking at a 85k property that needs 10k worth of work.

Questions:

1. Will I need to get a separate loan for the 10K of renovation? Or will the mortgage company add on the 10k and make the loan total 95k.

2. I have read that I can refinance after the work is complete.  So say I buy for 85k, find private money for the 10k in renovation.  I then can refinance and get a loan from the mortgage company for 95K?

3. What is the best way to approach this situation for a new investor?