Will BRRR work with this property?

[Justin Wilcox]

There is a property that I am interested in that I can get financing through a friend for 8% and he can pay cash for the property. When going to re finance out of my loan with him, what will a bank want to see or do? I understand that they will want a 75% LTV. So if that is the case, do I get the property for $200,000 now and then ensure that it will appraise for $250k when the 6 month window is up? The comps in the area say that it will appraise based off the fact that it has a mother in law suite and has been renovated. And the one I bought a year ago which is a very similar layout, size and location appraised for $275k.

I just want to make sure I am understanding this correctly! Thank you.