If everything goes right I will be able to refinance and will have created 25% equity, or I may end up having to bring $10-20k to the refinance to get the 75% LTV depending on the appraisal, but even if that's the case it's still a great deal.

He usually buys under $30k, puts $100k in the rehab, and then they appraise for at least $175k.I assume you're contacting HMLs vs banks/credit unions in the area, is that right?

@Jake Hughes You can do an 80 LTV DSCR rate and term refinance using the appraised value of the property, you will just need to have it rented out before closing. 

That house recently appraised for almost $300k.

.: BRRRR have some items that flips do not (plus most of the flip items):- refi appraisals in my market are conservative.  

Assuming you got that loan with no origination, underwriting, appraisal or other fees/costs. 

Sponsor is realistic about current market conditions, and is humbling themselves on current portfolio, while also realistically appraising current environment as a potentially better buying opportunity than the peak 3 years ago. - Sponsor learns from mistakes.

@Jeremy Hartwig  You can always pay for an appraisal to be sure. 

Currently appraising for more than double the price I purchased.

Appraisals aren't based on potential.