Currently buying my first BRRRR

[Byron Stocum]

Hello,

I'm presently refinancing my personal residence that I bought in October 2017.  Refi Rate of 3% and home value has gone up $110,000 that I'm working on cash out option.   Escrow fees of the refi are around $9500 that comes out of the cash-out payment. 

The house I'm looking to buy is right down the street from me. It's a complete fixer and it's fully gutted except for the drywall. I'm a contractor with one other full-time employee. I'm estimating it would cost $60,000 and 6 months to complete the job. The owner is a friend and will carry for 2 years (just in case something goes sideways) @ 7% APR, with $50,000 down, interest can accrue and be paid when the loan is paid off after I refinance. Intrest equals around $28,000 to the owner.

Here's my question: 

I'm not sure if both the original change of title and the refi of the fixer will both have closing costs and how much?  I feel like I might be paying $30,000 to closing costs (the refi my house, change title now, and at time of refi of fixer)? 

That would be $108,000 ($28,000 interest to owner, $30,000 for closing costs, and $60,000 to fix it up).  The home could be worth $425,000 once refied possibly more.  It has a lot of future value.  My thought is to AirBNB it. I could get around $150 minimum for it because of the view and location.  

What's going through your mind right now? 

Thank you for any words of wisdom.