Questions and Strategies for a newbie investor

[Samuel Michael]

1. Assume you buy a house for 60,000 dollars, then rehabbed for 40,000 dollars all borrowed from a hard money lender and for an ARV of 120,000. You then Re-Fi 75% for 90,000 cash out. In this case, not only do you not get all your cash out but you now owe 10,000 dollars. What do you do? Is there something missing here?

2. As an advice for (no money) first time investors, would you recommend flipping single homes for enough cash to reinvest or BRRRing multi-family? What is your personal best strategy for first timers?