Do these numbers make sense? Is this worth my time?

[Anthony Villasenor]

Hi, I have a situation where I'm sure all of you have been at some point. I am currently looking at purchasing a fixer upper for BRRR. The property is being offered by a wholesaler at 27k I offered 24k and they said yes. I have the cash to purchase the property + closing costs BUT do not have the money on hand for the remodel portion. The property ARV based on comps is 65k-70k and monthly rental income about $850- $925. I need anywhere from 18k-20k to fix it up. After doing the math using the calculator I should sit at about 9.5-10% ROI.
I am not sure how to get the loan (HELOC) for the repairs since the lenders I've talked to suck. Another problem is the lender is saying that I need to wait 6 months to refinance?!? That means I'll be paying an interest only loan for 6 months before refi. Can anyone point me in the right direction? Or give me tips. Tell me if this is not worth my time. I'd like to get my 70% back with the refi which would be maybe $45,500 leaving me with about 5k of my own $ in the property after paying closing costs & appraisal.
Ask me ?s if I missed anything please, newbie here trying to soak up as much as possible!