Refi vs a flip, main pros and cons

[Eli M.]

Dear BP Family,

I have a philosophical/theoretical question which many of you might have faced already on your path with real estate ( I am just trying to figure out what are the pros and cons of flip vs. refi):

Total investment in a property $150K (purchase price+ rehab costs).

Estimated selling price = $200K Estimated ARV for refinance= $200K

What are the main differences from the financial point of view of 2 types of action: to refinance or to flip? (getting more money from the sale which enables you to buy more properties in the future vs. current appreciation)

What are the main pros''s and cons of each choice?

Why do people get so happy when they get more money than they invested via refinancing, at the end of the day it's a loan which they have to pay back?

Thank you all in advance for your input,

Eli M.