Buy and hold strategy question

[Jim Zatko]

I have 75K to spend. Lets say I buy in all cash a house at 50K at auction. I put 10K into it so I have 60K invested, so it's now worth 80K. Would the best thing to do is to is to cash out refinance for a 15 yr mortgage and get my 60K back out, and try to do it all over again? And basically keep doing this until I can no longer cash out? Is the minimum cash flow for rentals still $100? Just thinking through some things.