Should I Flip or Hold

[Jim McCabe]

I have a property I am looking at currently. I think I can get it under contract for $55k. Its ARV is around $110k. I was looking at this as a flip and sell project. However now, I am think I could rehab it. I estimate $15k to get to the ARV. Then refinance it for $100k as soon as I was done. Pocket the cash out and rent the property. I could pull in a couple hundred dollars in cash flow as well as the lump cash out which I estimate would be more than what I could get for selling one time. If I understand correct that cash out is tax free whereas selling it is not? What am I missing in this scenario?