Owner contract and refinance

[Connor Williams]

I am working a deal that would allow me to purchase owner financed. I will give him 10% down with monthly payments and a 5 year balloon. 

My goal is to rehab the property and then refinance to keep as a rental.

Here are the numbers 

Purchase price- 225,000

Down payment- 25,000

Rehab- 50,000

ARV- 400,000

After the rehab can I refinance for 300,000 and pay myself back the downpayment and rehab costs? And payoff the original seller at the same time through escrow