BRRRR refinance timing - now, later, or both?

[Tom Murray]

Looking for some perspectives and input on the timing of a BRRRR refinance.

@Jason Moraff and I are in the rehab phase of a BRRRR. Here are the basics:

* 13 units today with significant cosmetic and infrastructure work required throughout.

* Part of the rehab includes building out 4 additional units in an old common area.

* We're 5 months into rehab, and we plan to begin renting the first completed units mid-Sept.

* Overall timeline (including build out of new units) runs to late 2019.

* In the end, the #'s pencil, but capital available for rehab will likely result in slower progress toward until rehab completion.

And now the question(s)...

1) Does it make sense to refinance at some notional midpoint in the rehab?  For instance, when we're complete with the rehab for the original 13 units, could we refinance (which would allow us to recoup some / most of our capital) in order to reduce the cash strain required to complete the rest of the rehab?

2) If we refi at a "midpoint," what impact, if any, would that have on our ability to refinance again when the rehab is complete (i.e., when all 17 units are online)?

3) Any cautionary tales? Or experience with multiple refinances during a BRRRR?

Thanks in advance for your input!

-Tom Murray