BRRRR with initial financing? (FRRRR)

[Jacob Kenneally]

My Fiancé and I are about to close on our first "Live-In BRRRR" but we are acquiring the property through financing. I know paying cash upfront allows you to extract that cash on the refi but has anyone done a

Finance

Rehab

Rent

Refinance

Repeat

???

I’m thinking with our numbers that we could build enough equity to pay off the first loan with a refi and come out with a few thousand dollars in the end. Is it even worth it?

Am I on the completely wrong track? And info is appreciated!