BRRRR strategy using cash out of pocket

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Howdy y'all!

First - this is my first post. Yikes! Josh would be more ashamed of me than he is of Brandon when he says " ... really? ... " 

Second - The BRRRR and Rental Property Calculator are awesome. Well done, BP Team, well done.

But, here's my dilemma. So I have a mentor of mine that wants to invest in real estate but doesn't want to do the dirty work, he simply wants to supply the cash. I want to do the dirty work, and I don't have the cash. Naturally, this creates a pair. However, I want to be sure that when I am analyzing these deals that I am doing them correctly and not forgetting anything. Ideally, we would employ the BRRRR strategy, but I want to be sure I understand it correctly - which I don't think I do. As an example, I'll throw in some figures so y'all can correct me as needed.

Purchase property for $50,000. 

+ Repairs of, say, $25,000.

This amount my mentor would be able to supply. No loans are necessary (for now).

Now say the ARV is $120,000 (which, if anyone has some great tools for calculating that / coming to that value, I would appreciate it).

That means my "forced equity" would be $45,000 ($120,000-$50,000-$25,000). 

This is where things start to get dicey. As I understand it, I would go to a given bank, say Chase, and ask for a refi / loan (or whatever it is you ask?), and they would give me a loan for a specific figure ... not sure what that figure is or how to determine that. How do I use the equity that I have created to my advantage? I would like to get as much out of that refi as possible so we can roll the cash forward into another deal. 

Did I just swing and totally miss? Can someone please help me through the rest of this process? All help is appreciated!