BRRRR refinance quick question

[Austin Carlisle]

Hi all!

New investor here looking to do a first time BRRRR in metro Detroit. I just had a quick question in regards to the refinance portion of the BRRRR process.

I have a potential property that I'm looking at getting that doesn't require much rehab (just appliances) and the ARV would = the sale price.

If i do a conventional 30yr mortgage on this property with 20% down ($100,000 house), rehab it (appliances only so ARV approx equates to sale price), rent it for the bank's seasoning period then go to refinance it. Assuming the cash out refi LTV is 75% would I get $75,000 or $15,000 (my true equity stake in the house)?

Sorry if this is a dumb question, but it would be interesting to find out for me!  Thank you!