Buy
Buy below value — a common target is total cost (price + rehab) at or under 70–75% of after-repair value (ARV), because refinance lenders lend 70–75% of appraised value.
Rehab
Focus on repairs that raise appraised value and rent: kitchens, baths, flooring, systems. Add a 10–20% contingency.
Rent
Place a qualified tenant at market rent. Lenders need a lease to underwrite a DSCR refinance.
Refinance
Many lenders require 3–12 months of ownership (“seasoning”) before lending on the new value. Model the outcome in the BRRRR calculator and the cash-out refinance calculator.
Repeat
The cash you recover becomes the down payment for the next deal. Make sure the post-refi cash flow stays positive — leverage cuts both ways.