ARV Re-finance After A Sub2 Purchase?

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Is this possible? Found multi-family (16 unit) property I was initially going to try and wholesale, but I was wondering...

ARV 250k, needs 75k repairs. Asking price is 125k but I'm pretty sure I can get it for less. Sellers are motivated and interested in creative financing options. Said they would consider taking back a 2nd.

Question: Could I get this subject-to and then somehow refinance at the ARV? Any other creative ideas would be appreciated.

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