(I could not get a loan in the US (for a reasonable rate) as I'm not a resident nor a citizen, so refinancing is not possible). 

Amount $ in Reserves      Property Details (Unit Breakdown, and Rent Roll at time of purchase)     Meeting the Self Sufficiency Test     How Was Rental Income Factored into Your Income for Financing     What Was Your Stated Income (If you don't mind)      Refinancing Down the Line to Remove PMI?        

If you're planning on refinancing to something more conventional you're most likely going to need 20-25% equity.

I thought it might be possible to refi the property, including rehab, with a hard money lender for 12 months then re-refi to a 30 year loan, but I haven't asked and I don't really want the massive expense and hassle of refinancing 2 more times

The property that breaks even and has $150k of equity would likely not work if you refinanced and pulled cash out.  

Generally, you would already have a hard money lender for that though so really no need for the broker until it is refinancing time.

Look at the below example:PURCHASE PRICE: 40kREHAB: 55kHOLDING COSTS: 5kTOTAL INVESTMENT: 100kARV: 150kRENT: 1100After the rehab is complete, before refinancing, should I look at it like I'm purchasing the property for the ARV?

We are refinancing one of our properties and will be pulling out about 42K in cash. 

I actually have never been able to grasp the concept of refinancing and putting the equity towards another investment-  I've had a few other previous deals (rental in jackson hole and a flip in hailey), both of which went well-  I would have gladly held onto both if I could have refinanced to pull some equity, but the part I don't understand is how people then cover the increased mortgage payment.  

He says there is no catch and it doesn't disqualify us from refinancing in the near future.