There is no large renovations needed to this property which would drastically increase its appraisal value. 

So partner would make $3562 (5%) on their $71,250.Cash Out ReFi: 3.5% at 30-years at 70% LTV (assuming no appraisal increase) = $199,500.

I am looking to become an appraiser in Kentucky.

We are in contract currently at 1,300,000 , waiting for an appraisal .

It was purchased for 120k and I’m told the refi would appraise it at around 230k.I know I can go to a bank to maybe do a credit line , but again I’m completely new to investing and presenting something like this to a bank.

Typically this would come up when the appraiser completed their evaluation.  

I’m buying my first home for 80,000 In a neighborhood that could appraise at 140,000.

No point, you need to pay all closing costs (Total closing cost is about ~2500 if appraisal can be waived, else it is around ~$3000)

Whatever you decide get a proper inspection and an appraisal done by a broker or appraiser.

The original appraisal may hurt you or a seasoning period may come into play to make it difficult to refi immediately for the ARV your hoping