It could be a Conventional loan where all lenders will be uniform or DSCR loan which every lender is going to be different. 

I would still encourage you to speak with your refinance lender to see if you should take the final draw after all the work is done. 

Any resources, referrals to any lender that has a low closing cost deal?

While I’m not a lender, you may be able to get a debt service coverage ratio (DSCR) loan with a less-than-stellar credit score, as long as you can demonstrate that the cash flow generated from the property provides a wide margin of safety for the lender.

Nidja,That sounds like a great idea, I think if you do that and utilize a DSCR lender that is maybe more comfortable with underwriting a "vacant" property (MTR/STRs usually) then I think you would be in great shape.

Get your code 4 (investor focused agent, lender, local property manager, contractor).

They are more likely to have connections with GCs/PMs and even lenders.

When borrower refinance cash-out an old mortgage with a 12 Bank Statements lender while applying for a new mortgage with another 12 Bank Statements lender at the same time, will refinancing the old mortgage affect the DTI, and qualification for the new mortgageBecause the 1003 shows the liabilities and mortgage payment of all mortgages?

A lot of lenders and outlets have different overlays for for first time flippers.

Quote from @Arshiya Taami: my friend and I are looking to do our first fix and flip as partners using a hard money lender, we have never done a fix and flip before but we have experience/connections with remodeling houses/construction.