I have rehabbed 3 two families and 2 houses.

I assume you're considering flooded properties that need rehab?

I am currently getting bids for the repairs/remodel, so far I'am looking at around of 20K - 25K  of rehab work.

The property owners held the properties in their names, we rehabbed and made the house payments during our rehab time.  

Because I was thinking I could just get a conventional mortgage for the next property, fix it up for 2 months using the lines of credit or savings that I acquire, then refinance it when it values higher after the rehab.  

Hi Stephan,This seems to be a very popular and effective way to fund rehab deals.

So although they quoted me 90% of purchase/rehab, they only do 75% of those ARV, so I come out of pocket for the difference in those scenarios.          

It allows you to stage the rehabs while also increasing the rent and thus your NOI.

@joseph M. did mention to me the BRRRR method, Buy, Rent out, Rehab, Refinance, Repeat so that you can get your downpayment back out of the property to recycle on another property.

The area is newer, so a lot of Carpet. paint and some lesser rehab like a bathroom or a kitchen.