Private money into Refi

[Julia Choseed]

Seasoned hard money/ private money peeps-

I have a property under contract that I can't let pass by. It is under contract for $58,500 and is currently occupied renting at $1200/m. Pretty much because of luck, I'm purchasing this house with private money at 100% LTV (it's not a family or friend). I expect to hold it for 6 months before doing a refi into a conventional mortgage. I know it can be done but since I haven't done it before, I'm a little skeptical about the process. I want to be certain the lender is paid back in full when I refi. I know most banks will refi around 80%LTV or less which may end up being an issue for repayment. Any experience or insight regarding experience with this process would be greatly appreciated.

Is step one to get the property appraised?