Cash Out Refinancing Requirements

[Aaron Butler]

I just learned from my mortgage broker that I need a "settlement statement" in order to qualify for a cash out refinance on a property I am considering purchasing & rehabbing. In this settlement, I was told I need to document the amount of rehab money I put into the property in order to qualify for the delayed financing. In order to do this, I need to show proof on invoices, which would be hard to do because I intend to do a portion of the rehab myself instead of using a GC for everything. 

Any quick tips/experiences with this would be very helpful. Thanks!

[Aaron Butler]

@RyanTalmadge I'm using a HELOC to buy this property. I asked them point blank, and they said the only way around this is creating my own business so I could invoice myself to prove income..which seems much.

The BRRRR method is super popular obviously, but I'm just wondering how people do this while also doing some of the rehab work themselves to save money.