Refinance to cash out

[Daniel O Orozco]

Hello,

I just got a full price- cash, offer accepted of 70K for a flood damaged property in Houston MLS#85345049 , the house is not located in a flood zone. It got 18" of water in, from the record breaking amount of rain fall. I am currently getting bids for the repairs/remodel, so far I'am looking at around of 20K - 25K of rehab work. The property should appreciate at the very least 125K according to local lender, with potential of 135K- 140K from recently sold comps. My initial plan was to flip it, but due to the uncertainty of the market direction at the moment, I decided to keep it as a rental and refinance it to cash out my investment cash: 70K + 5K Fixed Costs + 25K Rehab = 100K 

125K x .8 = 100K the #s makes this a solid BRRR deal. Since I just moved to Houston to start investing full time, on August 8. I don't have a W-2 job nor tax returns from the last two years to be able to pull the mortgage under my name/credit/income. I plan to partner with a family relative who has a strong credit and good income/debt ratio, I am trying to figure out a good compensation - agreement to make this worth a while for him. If anyone out there has done something like or know a way to make this happen, I am all ears! THANK YOU