I have always renovated and rented homes, but this one was super nice as is.

But, if you are buying, renovating, renting, refi'ing and repeating, you are BRRRRing, regardless of the amount that comes out of that refi.  

I've been buying properties from wholesalers,  getting financing from a hard money lenders, renovating then refinancing properties, using the BRRRR method.

Did you plan on renovating?

What were the renovation and loan costs/details?

It's a repeatable formula, throughout market cycles (can hold for longer time horizon, if need be) - buy assets that need moderate renovation, in growth markets.

In exchange for giving them a high rate of return (8%-10%), they give you a mortgage and let you use their funds to buy the property, renovate (if needed) and rent it out.

@Jonathan Bombaci I like the idea of trying to maximize the proceeds, but even if he moves out willingly I'm left trying to clean/repair/renovate then list and sell a property three states away from me. 

Here are my numbers ARV - 200kHolding costs - $5400( $900 a month for 6 months)Renovations - $40kPurchase price - $90kClosing costs on the purchase - $5kClosing costs on the sale - $17kI’m just looking for confirmation that I’m doing everything right and that this is a good deal.

I have searched this question on the internet and I found that if there is a renovation or new construction going on in the neighborhood is a one of sign.