BRRR clarification question

[Stephanie Martinson]

Hello,

I'm looking to do my first BRRR deal, but I'm not quite sure it's technically a BRRR.

It's a gutted house- $100,000 and I would get a new construction loan, put $25,000 (of my Dad's money) down on the loan.   

Rehab it for $150,000.  

Refinance for a conventional loan and give my dad his $25,000 plus 6% interest= $26,500.  

The comps in the area are around $300,000, so after construction there would be around $48,500 in equity.  

I may have to sell it, or move in to it because I'm looking to quit my W2.  

Any thoughts? Is this considered a rehab property instead of a BRRR? You all are the BEST!