I'm not one of the "pros" you asked at the end, but here's my 2 cents:With your immediate refi strategy, it sounds like you intend to create value through renovations/repairs (since you only can make money with an immediate refi by buying cheap or forcing appreciation).

When I moved to my new home last February, there were some things that got dinged, including the custom built spiral staircase.The moving company repaired the things they could and send a contractor for the rest.I'd just ask them how they intend to make it right.  

LENDER REQUIRED REPAIRS AND TREATMENTS: Unless otherwise agreed in writing, neither party is obligated to pay for lender required repairs, which includes treatment for wood destroying insects.

Here's the quick and dirty: Purchase: $250k (max)Reno: $175-200k (pending deeper inspection of roof and foundation)ARV: $475-480k, per our 203k consultant who is also an appraiserMonthly Rent: $3,950 - $4,000PITI: approx 3,000-3,100Other Expenses: vacancy 5%, Repair/Maintenance/Capex: 6.5k/year (all major repairs done during reno, budgeted low for capex)Cash Flow: approx $150-200/month, depending on interest rates/PITI payment Cash on Cash/ROI: 7% the first year (due to reno) and 9% there-after.

You are telling me after you pay PITI, water & trash, set aside money for vacancies and repairs, you are left with a whole $1,250/month to do whatever your heart desires?

My strategy is to find a multifamily unit that can use some repairs, nothing too crazy, to find a good deal, fix it, live in a unit ideally with a roommate and rent the other units out.

Does anyone use anything to host pics of their prior rehabs?  I know the last lender I used like seeing them, and believed it puts their mind at ease a little  once they see how nice my past places came out. Trying to...

Do you lend on repairs or only the acquisition?  

So hypothetically if I get 3.5% down on a $100,000 home then put $5,000 in repairs and increase the value to say $120,000.

While the building needs some repairs, it appears to be worth than $1k.