Is there anything wrong with this plan?

[Darren Landerway]

Hi BP world!

Ok so a newbie at this RE venture and been on BP for a couple months now asking questions to help me find a focal point on where to get started. Id like to toss out an idea and get a thumbs up or ripped apart.

I currently own some property in a different state that does well for me when you look at the numbers. When I bought the property my RE education was low (better now) and all I wanted was to own a multi-family that allowed for me to live rent free. After a few years of owning; I realized that there could be some financial freedom in this game and started trying to educate myself a bit more.

Currently I live in another state and not sure how much longer Ill be in the area; due to the fact that I am active military. So here are my thoughts:

- I would like to try to find a good multi-family deal using my VA loan. The hopes are that the deal may need some fixing up but I get a good enough deal where a small amount of equity already in the home.

- Rehab it then refi the home for close to full value and use money as down payment for another property to repeat on another good deal.

random numbers-

cost of home = $300,000

appraised = $350,000

rehab= $30,000

new appraisal ~ $380,000

refi = $360,000

down payment for new home = $60000

Now I know this sounds very similar to the B-R-R-R-R strategy and it isn't far off from it, but my understanding is that this strategy is done using lenders outside of a bank and paying off the property with cash completely. 

-So the question is... is this possible to do with the means that I've detailed? 

-Will there be a stoppage in refinancing from the banks at some point early in my venture seeing is that I won't have any property that is owned out right?

-Basically ... what am i missing if anything??

guidance would be greatly appreciated!

~Darren