First time looking at BRRRR opportunity

[Brad Baker]

Hey guys, I need some guidance here. 

I have a wholesaler who I was able to negotiate what I thought was a pretty decent deal. The ARV is roughly 225k and the rehab is 39,000. I am looking at putting a contract on it for 137,000 which puts me at an all in for purchase and rehab at 176,000. essentially I offered 80% of market value minus repairs.

I have a hard money guy who typically does 80% lTV who is willing to lend me 140,8000 to do the deal. I spoke with someone who does cash out refis for BRRRR type properties and he told me I can only do a 75% LTV cashout unless I have a mortgage on the property at 80% LTV or higher.

With the hard money only only giving me roughly 140,8000 to do the deal (80% of purchase price plus rehab) I would have to do a 75% LTV refi on the back end which would leave me with a considerable amount of money (20,000+) in the deal.

So the deal isn't quite as good as I thought it is. I have the cash to make this deal work. My question is should I just go for it or should I skip out on this one?