buying and refinancing

[Johnny Brown]

I found a single family home for $87k the Arv is at 142k. ( I am rounding off the numbers) My question is how long would i have to wait before i can refinance? I will be using a little to no money down tactic. I have a private lender (Family member) who will be helping me out with this. I am going to have a meeting with him in a few days. I know i am not fully ready but i want both book and hands on experience at this.

Also on 87k does anybody know how muchI will need from my private lender to be able to get the loan myself with no credit?

[Matt Morgan]

The big question to me is why someone is selling you a house for 87k that is worth 142k.