Capital Gains orn Refinanced Properties??

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simple tax question here...if i buy a property and a rehab it, and i'm all in for 200k, refi it and pull out 100k more, and then firesale at 300k, do i owe capital gains or is it a breakeven? something i'm missing here? id prefer if this discussion doesn't get into banks, appraisals, etc. so, for the sake of this thread, let's assume i have a private lender and getting the equity out is no problem....thoughts? thanks