There are many variations to this answer depending on different factors such as geo-locations and the economics of said locations. 

Also, newbies have limited experience in with financing so the refi may be later than planned.Generally, I think its somewhere between a bad idea and maybe just a "trial by fire" for the newbie to learn about a remodel and don't necessarily expect to do the brr well. 

It took a while to find the right contractor for the right price and right quality of work but after many trials we were able to do so.

You could read 100 books and still not know enough because certain things must be learned through trial and error.

I recommend using beyond for the free trial or maybe a month after but unless you’re running 30 doors and looking for efficiency, your best bet is studying your neighbors and learning with time. 

I agree with Greg—there are many different variations that exist with slightly differing formulas, modeling, and assumptions.

Many times, overvaluation occurs because the borrower (or the investor, or the investors agent, etc.) appeals to the appraiser, asking them to "show them some love" or some variation of that.

I'd love to see a show with newbies who are learning through trial and error.

There should be zero variation, but it seems not all LO's understand this.  

You could always sign up for a trial account for 30 days to try it for yourself.