Understanding the BRRRR strategy. Am i close? Kindly see please

[Lee Cruz]

Hello all

im a bit stuck on the BRRRR strategy especially the refinance part when im trying to apply my numbers. Ill try to spell everything out as much as i can.

Purchase Price: $173,500 

Down payment 20% - $34,700

ARV: $185,000 (conservative)

Repairs: $80000

Closing Costs: $3000

Total: $45,700

Income: $1957

Expenses: $1529

monthly cashflow: $427

cash on cash roi: 12.39%

So at this point i would contact a hard money lender and get a loan of $185,000? Possibly at 10-12%? Refinance with a credit union a year later with the ARV of $185,000? 70% of that would be $129,500.

This is where im stuck. At this point what is the full figure i pay back the lender? How do i get my money back out to put into another rental? Are these numbers correct? How do i efficiently use that $129,500? Sorry i know im all over the place. Is there any PRO members here that i can send my calculations to go over? Thanks for reading my post.