Where to BRRRR in Canada?

[Sas Sel]

Hey folks! Hope you all are well and keeping safe

I'm based in Toronto and looking to do my first BRRRR in Canada (I have a few buy and hold properties in FL that are doing well but would like to try BRRRR).

I've done a lot of studying and seen YouTube videos but would honestly love to talk to a real live human who has done this. 

Some of my questions include: 

What's a good market (open to anywhere in Canada) where you can still get a good 'deal' for under $200k? (I've heard of Sarnia, Windsor and Calgary?) 

The 'refinancing' part is still unclear to me- many of the real estate folks on BP and on YouTube are unclear about how they get their ARV but seem quite certain when throwing out numbers. Doesn't this significantly depend on the market value of the area, the rent that you actually get from a renter (and not projected) and what the lender will give you in respect to a refinance? For example one real estate person from London stated that if you buy a place for $120k and put in $30k worth of renos and it would be worth $150k, but that's assuming that every dollar of reno spent equals value to the home, is this how it works lol? They then say that by getting a renter in that renovated property, it all of a sudden added $50k worth of value to the home and then you can refinance at the value of $200k since the home is now worth $200k. I'm unclear as to how that $50k added value was arrived at. They did say that in Canada the lenders will give you 80% LTV which I do understand.

Also, when refinancing, apparently you can get a cash out refinance but doesn't the mortgage now increase due to the higher value, does the renters rate not have to cover the higher amount and then some? 

If you are a realtor or investor that has done BRRRR's successfully in Canada would love to hear from you . Thank you!