Do you model refinance assumptions into your analysis?

[Justin Robinson-Howe]

Suppose I plan to refi within the first year of a rehab and rent in order to cash out my initial investment. Should I be modeling expected terms for the refi into my analysis and the impact on CF? I've come across several models but none assume a future refi. I assume if a refi pertains to your strategy you would want to adjust the model and the potential change in financing costs? I'm new to REI so just want to make sure I'm understanding the variables. Thanks for any insight.