The test were very difficult and challenging. 

Gradually raising rents, exploring lease buyouts, or selling with tenants in place are balanced alternatives.

To get to the ARV of $250,000 , I am assuming as follow:Because you spent $15,000 in renovation, I am assuming you increased the Initial value of the property at 30,000 bringing it at $230,000Add a 8.69% home appreciation for one year $20,000Estimated Home Value After 1 Year:$250,000Refinancing Breakdown:New Home Value (Post-Appreciation): $250,000 New Mortgage Amount (80% LTV): $200,000 Existing Mortgage Balance after 12 months: -$158,035 Assuming 3 Months Interest Penalty for Breaking Existing Mortgage: - $2371Total Cash Pulled Out: $39,594, allowing you to recover to pay a portion of your initial investment of $63,548, leaving $ $24,015 in the deal.Many new investors mistakenly believe the BRRRR strategy ends after the cash-out.

From the course is it a difficult process? 

We have a partnership entity, so it has to file separately and needs balance sheet accounting.

Like anything it has to stay balanced but small gestures go a long way in reducing turnover and mitigating many "would be" issues. 

I prefer a balance between cash flow and capital appreciation.  

Common advice I've received from other landlords is to avoid them because they often leak or fail and are difficult to maintain.

Cash out re-fi's are very difficult given the economy and the fact it has been an election year.

Your reply was thoughtful and balanced.