Newbie from Chicago. Hello!

[Josh Livingstone]

Hello All!

My name is Josh Livingstone and I am from, and currently shivering in, Chicago. Firstly, I wanted to introduce myself to all of you fine BP people.  Secondly, I had three questions about doing a cash our refi.  Perhaps they are uber newbie and I am about to embarrass myself or get told that the answers to these are ALL OVER THE SITE!!! 

Either way...

Thanks so much in advance!

1)  When calculating the cash on cash after the refi, do you just calculate it as if you bought the property on the "new loan" to begin with?  For example, If you buy for 100,000 with 20% down and the rehab and refi at 115,000 and cash out 15,000, is you cash on cash calculated at Cash Flow/20,000 or Cash Flow/5,000?

2)  Is there a delay in one's ability to Refi on an investment property.  I seemed to see conflicting answers on the interwebs.  Some places seemed to say no, some 6 months and some 12 months. Maybe it is contingent upon the lender?

3)  When doing a rehab and then trying to refi, obviously we want to put the rehab money where we can maximize our post-rehab appraisal.   Is it possible to get an appraiser, speak to him/her about exactly what would be needed to refi at the price we want and then after repairs, have the same appraiser come in and check?

Thanks again,

Josh