BRRRR Refinance Options

[Dustin Morgan]

Good afternoon, all. I recently purchased my first home Flip home for $184k with a 3.5% down FHA loan. I originally planned on doing a few renovations and flipping the home for ~$250 but after discovering Bigger Pockets and the BRRRR method I have a question. Assuming the post-renovation reappraisal comes to $250k can I refinance and remove more cash than the original Down Payment of 3.5%? Thanks ahead of time. Please see the Breakdown below;

$184k purchase price

$4k down FHA

$250k Reappraisal Estimate

Can I refinance and reuse more than the original $4k down payment?