BRRRR for a $21,000 profit cash out refinance, but no cashflow?

[CJ Berina]

Hey BP forums, 

So I'm trying to get my first deal done, and with little capital, one of my options is seller financing. I I found a deal that I could BRRRR... but the property taxes are so high, that the property won't cash flow each month. I will basically break even or just lose $30 a month. But I could allow the seller to seller finance it, and get the value to $60,000 appraised for a $42,000 cash out refinance. Pay the seller the remaining $21,000 on the note. Then use that money to buy another deal. Is this a good deal to do? Or should the fact that it doesn't cashflow be a red flag?

I like it because it will put me into my first deal where the seller is willing to seller finance, and with the cashout refinance it will launch me into my 2nd deal. I don't like it because it doesn't cash flow, and in some cases might lose $30 a month or so, which won't help me if I need to pay for large repairs. 

What are your thoughts?