Newbie from NJ needs help on BRRR

[Uneeq Khan]

Attempting first investment. Looking to BR4 or BRRRR. I have read up on it but have a million stupid questions. Im confused about the process and how people determine if something is a good deal. And how people come up with values on property before even making an offer or visiting the property. If anyone could answer them, that would be great. Also if anyone has links explaining all the abbreviations you use that would be helpful. Here's my understanding of BRRRR. Please correct me if I'm wrong. Buy House, rehab, hire PM and place tenant, refinance after 6 months, cash out extra amount on refinance after purchase + rehab, use that cash to repeat. Now my questions. Generally after everything, mortgage vacancies repairs taxes etc, what net profit should be expected per door? Cause I imagine that's how you price out your rent right? All my calculations make the rent too high in order to get a $300 net profit. So I must be doing something wrong. Is $300 unreasonable? The first loan you get is just for the purchase price or can it also include closing cost and rehab cost? If possible I would need a loan for the entire thing cause I have nothing saved. How do you estimate rehab cost before hand? Is this from home inspection repair list and then getting prices? Is there any way to determine it before doing all of that? And how would this be possible if it's out of state and you can't physically see and be there? (Hear NJ sucks for BRRRR, so might want to do out of state). I've recently overpaid for HVAC and bathroom remodel for my own personal home, so I stuck at estimating what the cost of rehab should be. Is there a percentage or rule of thumb for estimating rehab? How do you manage rehab on out of state properties? Not Physically being there and starting new with no prior relationship to any contractor. How do you estimate what the new appraisal value after rehab will be before even purchasing the property? I imagine you need this value so you can have a plan to refinance before thE first finance is done? And then cash out whatever is extra over the purchase + rehab cost? How likely is it now a days to get the seller to pay closing cost? In order for something to be a good deal, it has to cash flow immediately. You have to refinance on the new appraisal value after rehab. How do you determine proposed rent price before you even get what the refinanced mortgage payment will be since the tenant goes in about 6 months before refinance? Can the initial loan company that does the first finance also do the refinancing? Or is it better to get to a different company? If there's any link or tool that helps assess deals that would be helpful too.Very fresh starting out. Any help would be greatly appreciated.