Generally, for the optimal refinance, these are top of mind for BRRRR strategy investors:Return of capital: The key “secret sauce” of the BRRRR method is to build portfolios using the same capital over and over—which relies on getting your basis (or more) back on the refinance, where basis refers to the money you invested in the property (down payment and cash used for renovations).Speed: Refinance lenders use the term “seasoning” to refer to the amount of time (typically in months) between the purchase of the property and the refinance.

I will add this to what I just said above  the guy  who  does the video  is Jerry Norton  and he must have taken a speed speaking course  at some point.  

My clients refi out of my fix and flip loans in 90 to 180 days not sure about cash out.. but to settle with the higher rate short term loan.. speed is important for them.

And then it becomes speed and efficiency... get a few going and close them every 90 to 120 days  that's our goal ( which we hit sometimes sometimes not) But if my ground partner can be working on 4 or 5 all in the pipeline and we have a closing monthly ( which is our goal) they can make 10 to 15k  month and when we hit a good one more...

I think the only two issues that I think about as I contemplate signing on are the speed with which they have been growing, and the fact that they are just now moving to being vertically integrated -- their property management and renovation teams are all in-house now -- not 3rd party like they used to be.

At the very least, I think it's important to get their perspective on what needs to be done to get the property up to speed.  

Thanks @Jonathan Klemm and @Tina Kapur we have to get you up to speed quick here otherwise you are going to say the wrong thing and get in trouble.  

In the last few years the City of Danville has created lots of speed bumps for STR operators, so be sure to familiarize yourself with all those restrictions.

Councilman Eric Arias highlighted the substantial state and federal grants to improve infrastructure.However, residents voiced concerns about persistent problems such as a nearby wastewater plant's odor, inadequate lighting, and speeding trucks.

I'd lean towards a full demolish as well...either way, headaches, but I'd rather have ground up headaches than remodel headaches ;) not to mention speed