ARV to Refinance Rental Property

[Anthony Winston III]

So I am finding out more and more that getting good deals alone isn't working out. I just don't have the cash available for a downpayment AND renovation costs. No I am looking into hard money. Let's say in a perfect world, I find a hard money lender that lends me a large percentage of the purchase price and renovation. Once the deal goes through and I refinance, how do I determine the ARV to ensure it's a good time to refinance with a conventional loan and pay back my hard money lender?

I understand how to calculate cap rate and cash-on-cash so my offer price is based on those numbers. Once the rehab is completed, the rents I receive were already considered when setting the purchase price. Do I have to wait a year or 2 when rents are increased to make the ARV higher in order to make refinancing worthwhile? I'm really trying to BRRR method work for me.