This is probably the most challenging step in the process because your appraisal has to come in high enough and you have to be able to get a high enough LTV to get your cash out.

He put $10K into it for a new kitchen, and the rehabilitated property appraised at $144K. 

I had it appraised in January 2020 when I went to the bank to get a heloc, The appraisal came back at $171,000 more than what I purchased it for in 2014.

Appraisals are taking 3++ weeks and county offices are closing or getting restricted, escrow and title companies are also getting bombarded another factor to consider.

I look at like 13-3= $10K and that's assuming it appraises correctly. 

middle of a purchase and appraisals are seriously backlogged

Then the balance of the purchase price paid through financing, if the house appraises?

Appraisers use a combination of 3 methods to arrive at a value,  sales comparison approach, cost approach and income capitalization approach.  

I bought it right off the MLS for 75k, put in 32k in renovations, and it just appraised at 136.5k, allowing me to take out 100% of my money plus my down payment and make the glorius infinite cash on cash return..

County appraiser office says the apartment can be homesteaded.