The logistics of buying something, renovating it for an unknown variable cost and then (hopefully) selling it, for a profit mind you, before the carrying fees eat up your profits is a scary game.

. - Purchase: $115,000- Renovation Money from Bank: $95,000- Equity / Additional Capital In Project: $30,000 (the bank may ask that you have at least 15% of the overall project in the deal). 

We have secured financing for the unit and have money set aside for the minor renovations required. 

Or a full renovation?

Original loan amount- $480,000Refinanced to- $692,000Current bank wants- $792,000.00Rental income currently- $7150Possible rental income after Renov- $8900 based on current market rental ratesReno estimates- $50,000Is this possible to have an investor come in and purchase the note from the current bank at a lower buy out amount?

[sidebar: On BP (no where else) they call it BRRRR (Buy, Renovate, Rent, Refinance, Repeat.)] ...

Consider value add opportunities for forced appreciation (renovation) as well as just the cash flow ... cash flow is an important thing, but it is not the only thing. 

How does a property qualify for a renovation loan?

A great option if you need to use your cash for renovation.

I pick these areas because your BRRR strategy is dependent on finding enough sold comparables upon the completion of your renovation, to support refinancing the property.