Thinking about purchasing foreclosed properties at auction using HELOC funds for the purchase and renovation costs, then refinancing into a 80% LTV conventional loan to pay back HELOC, and renting property long term. 

The home is in good shape and would not necessarily be a good BRRRR because rental comps wouldn't cover the refinanced PITI (plus expenses). 

This one I waited 24 months to allow the market to increase in value before refinancing.

This "hop scotch" method allows you to build a decent portfolio that you can later tap the equity from with refinancing and move into strategies like BRRRR and what not. 

Providing this information upfront can help to ensure that the appraiser has all the necessary information to provide an accurate appraisal.Overall, by focusing on cost-effective upgrades and providing the appraiser with the information they need, you can increase the chances of achieving a favorable appraisal that will allow you to be front-end profitable on your rental property after refinancing.

However, now that we have refinanced a number of units and are beginning to use bank money for purchases as well as BRRRR methodology, it has flipped to be more in my partners benefit - I do 90% of the work and only get 50% of the deal... but I am fine with that.

@Hunter Gibson I’m buying value add properties that need some rehab work and then getting them fixed up as soon as possible, either right away or as units turn over and then refinancing.

I've never refinanced but hear alot about it. 

Refinancing, even at 6% would drop my monthly net to around $7,100.

Thanks for the reply Jacob.Are there any special considerations to take into account when refinancing since the value of SF and MF are calculated differently?