Help Me Understand Cash Out Refinance

[Yuuj V.]

Hello BP!

Can anyone help me understand if my math/though process is correct:

I bought a rental property for $100,000 in 2018, with $25,000 down.

I got some comps from my PM recently and they are saying it can sell for $185,000.

I'm thinking about getting an appraisal done, and then refinancing 80% to pull $144,000 out. (Is this the right process?)

Is that the proper thought process? 

Getting an appraisal before going to a lender for a refinance, or should I just go to a lender to refinance and get an appraisal during the process. I can also just sell the property, hopefully for between $175,000 - $180,000 Pay back the mortgage, walk away with roughly $75,000 in profit (discounting the down payment)

Me ideal end goal would be to pull out as much cash from the new value of the property. How can I accomplish this? 

I get the BRRRR process, but something isn't 'clicking' for me to understand the refinance piece.

Who would provide the appraisal? The lender? Me? 

Any help is always appreciated!