First time BRRRR need advice

[Lami Dantata]

Hi everyone,

I need advice on purchasing an off market pre foreclosure 4/2 with an efficiency in the back in Miami, Florida, am using a hard money lender. This is my first time doing the brrrr method but i own a triplex. The property has good cash flow potential. The seller owes the bank 240K, my contractor estimated 20K for rehab, ARV is about 355 - 360K my question is do I need to put 25% down when refinancing? I intend on keeping the property and renting it out after refinancing.