I feel like that is too simple of an answer.My other question I have is the cash out part of the refinancing process.

(e.g. buying at the right price, computing an accurate ARV, hiring the right contractors, ensuring the project is completed on time and within budget, renting it, and refinancing it.) 

I have refinanced my other two homes and will be using the cash to place the down payment on this third home and BRRRR it out.Need some assistance analyzing the deal to make sure it's decent (which I think it is but perhaps I am missing something).

He purchased house in the late 70's early 80's for $70k hasn't made the best decisions and has pulled equity out and refinanced multiple times since first purchasing it.Purchased house for: $70kStill owes: $135kArv ( I'm thinking its close) : $154kRepairs : (roughly) $25k- $28kMortgage: $1,075Hoa : $96Potential rent : $1,500 monthlyIf you needed any more info to help out just ask but any advice would be greatly appreciated.

Monthly principal-only payments begin in the sixth year of the loan, amortized over a 40-year period" and" When all loans become payable: Regardless of household income, the entire loan amount becomes immediately due and payable if the borrower transfers the property, the property is refinanced (unless the refinance meets certain conditions), or the property ceases to be the borrower’s primary residence."

It could be a short term investment with the intent of increasing NOI and refinancing to pay the investors back, or it could be a long term hold.

We plan to hold this project long term, but are open to refinancing and return capital in year 5.  

We want to build our investment portfolio by renovating homes then refinancing to hold.How did you find this deal and how did you negotiate it?

If you were willing to leave a little money in it after refinancing, it could open up your options quite a bit. 

I would like to remove some of the equity in the home to use in another investment (I have 2 other rental properties at this point that I paid cash for and am rehabbing with the intent of refinancing.