Seller Financing for BRRRR Strategy?

[Jesus Sosa]

Currently have an opportunity to obtain a property via owner financed. Debating on how the terms being structured will effect my BRRRR exit strategy.

PP: 76k

Down Payment: 6K

Interest: 8%

Term: 20 years

Monthly payments: ~550$

Now, my concern is with a little bit of cosmetic work and seasoning period. Could I later cash out refinance this property with a greater value without it affecting the terms of 20years at 8%?

Let’s say I want to wait a year or 2 to refinance, I would have already paid 13,032$ (2yrs). 3,451 on principal and 10,008 on interest. The remaining of the balance is $66,549 (principal). With my refinance would I have to pay those remaining 18 years of interest on it? Or just pay the full remaining balance?

Sorry for making this confusing. Thanks you all on advance.