Account Closed, thanks for the breakdown from a new to be investor. 

I am still a relatively new investor and I have been studying the BRRRR strategy and wanting to take action.

I am just trying to get an idea of what the possible outcomes may be taking into account the cost of the repairs may be more than the market value of the property...do they just send us a check for the repairs, do they send us a check for the market value, do they send us a check for the replacement cost etc etc?

But, you should speak to an accountant first.

Do you recommend that I set up the account first and then start finding a deal or have a property in mind first and then set up the account?

Did you encounter any opposition or criticism of their services from an attorney or accountant?

I've been studying up on REI for about a year now and this month I finally decided to actually start getting my feet wet.   

My plan was to open an account with the bank in the next week, and perhaps approach them after the 3-6 month mark (seasoning period) and talk to them about refinancing into a long-term loan.  

There is no magic number only extensive study and acquired knowledge.

@Jake Johnston I think what @Jd Martin is eluding to is that with the construction (or maybe you are referring to a purchase/renovation loan) loan, the money for the repairs is held in an escrow account and you have to jump through a bunch a red tape just to get draws.