It is a strategy for a means to a end and works best when you can adding value by say converting a unfinished basement or renovation of units for a higher ARV and NOI will put you in good position when it is time to refi and do it again 

I have a 1 bed/1 bath unit in Brooklyn, OH that’s been renovated recently.

Once you acquire the property with the hard money and do the renovations, try to wait 6 months before occupying the property and you should be able to qualify for a cash out refinance at very favorable rates. 

The equity in the home has been created by renovations that currently do not match what is listed on the MLS...if you get what I'm sayin'.

So I hung my license here, and was able to learn from their experience with renovation, and blighted property. 

Screening tenants, collecting rent, deciding on renovations and repairs, etc usually fall into that category.

They don’t want to change to scope of work, which is ridiculous, since you almost always come across unknown issues when doing a renovation.  

Though this took a bit longer than originally planned, we are finally done with all of our renovations and are listing the property in March at an asking price of 375,00.

If you will not have your contents there during the renovation you could look to a Renovation Builders Risk policy.  

I've never done a renovation, so $25,000 is a shot in the dark.We would be using the VA loan to purchase this property and my wife and I would live in the primary residence for at least a year.