BRRRR without the B?

[Ashia W.]

Hello All!

I am new here and loving all the information so many of you graciously share. After reading a lot of articles and discussion (big time lurker), and listening to many podcasts and watching a few webinars. I decided to join. And after weighing the pros and cons after listening to a recent webinar, I decided to purchase Pro. But I am NOT a pro in real estate. I just paid the money! I think since I am new to really diving into real estate (versus casual interest), the extra access through Pro will be helpful, at the very least for my first year. 

Ok, with that long intro out the way... I have a question. Hopefully someone can give me some insight. I will be making calls to lenders I've researched next week. 

I may potentially have a home given to me. Yes, just given to me. But it is dump... with potential. IF it all works out (i.e. property is able to be rehabbed), I want to do the BRRRR strategy.

But the "B" is missing. Is it possible to get a hard money loan and have it refinanced to a traditional mortgage if I did not buy the property? Or would I need to have the property sold to me for a low price to make it legit? Would a hard money lender go for this? 

Any insight is appreciated. 

TLDR: I'm new, hello! Can I get a hard money loan and qualify for re-financing to a traditional mortgage (BRRRR) if the property was gifted? Will the hard money lender lend to me? If they do, can I get it refinanced after the rehab? 

Thank you so much!