Delayed Financing question

[David A Slocum]

I'm a new BRRRR investor looking for my first single-family deal and I just finished David Green's book on the BRRRR strategy. I've been listening to BP podcasts and came across two podcasts that mention delayed financing as a strategy to avoid the typical 6-month waiting period. I would love to hear from those who have used this financing strategy. Specifically, I'm interested in how the timeline works. From what I understand, you put all of your rehab costs on the HUD-1 at your first closing and you can either get 75% LTV on the appraised value (ARV), or 100% of the purchase price (plus rehab costs), whichever is less. If this is correct, this means you would have to rehab the property and get an ARV appraisal without closing on the property. How is that possible? I would love to hear from anyone who has experience with this and could provide a timeline of the process.