Understanding Refinancing once and for all!!!

[Yoni R.]

I need to some helping understanding the refinance game once and for all. These are the details of the property I want to buy: -Asking price $130,000 -Zoned single family (but was used as a duplex in the past) -An additional $60k is needed to rehab the house. I want to buy the house in cash and rehab it and then refinance it to get whatever I can out of it to be used on the next deal. My game plan is to rehab it as a single family (so that it will pass the inspection) but to have it setup so that it can easily be made into a duplex when ready (put up a wall and add an additional kitchen back to back with the current kitchen). I want to rent out the house as a single family for the first year and in that time refinance it and get my money out. Once the year is up I will turn it into a duplex and rent out the units. Each unit for $1,300. So cash on cash: Yearly rent $31,200/cost $190,000 = %16.4 return. The questions are as follows: 1. What does a refinance entail? 2. How long does the process take? 3. Will they do an inspection to check that it matches the permitted plans? 4. Who inspects the house? The lender/bank or the city? 5. If they do inspect then why? For what reason? 6. Is it a one time scheduled inspection or do they send multiple inspectors for different things? 7. Is the refinance for the appraised value of the rehabbed house or only for the cash I put in or bough it for? 8. What is the average refinance rate? %70, %75, %80? And what do they base it on? Anything else I need to know about refinancing and inspections before going forward with this deal? How does my game plan sound? Thanks for all the help!