First time investor using a BRRR strategy

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Hello all,

Most recently I have partner with someone who is very family with real estate investing. He has allowed me to go in on a project he just picked up. A house that needed a lot of rehab he was offer a extremely low purchase price. He owns a contracting company. Therefore, he is doing all the fix up. I have read and study the idea of BRRR, so my thought process was to refi the home after he did the repairs and pay him for the contracting work after I refinanced the property. But Now now he has brought up the idea of purchasing the home by getting a loan from the bank (this way the appraisal will be higher and I could get 100% vs 70-85% of the value under a refi) I've never heard of this, so I'm wondering if this is ideal to do?