Renting out on BRRRR

[Yinon Estikangi]

Hello fellow BP'ers! 

When refinancing, do you normally have a tenant in place before the appraisal, or refinance while the property is still vacant? I understand this may have an affect on the appraisal. In your experience, does one approach lead to better appraisals, loan terms, or overall outcomes? Would love to hear your insights!