Cash out REFI or BRRR with hard money

[Mo Nelson]

Story - My aunt and I own a vacant free and clear Triplex. I am getting ready to buy her out so that I can rehab the property and rent it out. This will be around a $80K rehab, I will be buying her out for $40K and the current appraised value of the property is $325K. After all repairs and occupying I anticipate the property being valued somewhere around $450-$500K. 

I am currently trying to decide what would be the best move. Cash out REFI where I will be able to take out about $225K, pay the buyout and rehab and then roll the rest into another property? Or should I use hard money to close the deal and do the rehab and then Cash out REFI later when the value will be around  $450K? 

Any ideas at which would be smartest? 

[Arturo Smith]

I would say ash out refi, pay the loan back on the refi. Then you have the rest of the money to invest in other properties while still owning that original property, and receiving rental income.