Concerns with Hard Money into refinance

[John Matthews]

Hey all - One of the strategies I'm looking at is getting a construction loan for a distresssed property (close to 100% of the purchase price / 70% of ARV), fixing it up, then refinancing to pay the private investor, and ideally cashout my money into fixing up the property.

That said, having never done this (though I believe plenty here have) what  issues to I run into with the refinance? Ie. under what circumstances might I be stuck with the private money loan? Just trying to understand my risks going into this.

Thanks!