Too much money out of pocket after brrrr

[Jesse Clark]

So I'm looking to brrrr my 3rd property. I'm trying to specialize in higher end sfh rentals. Using money from heloc on my primary residence for down payment and remodel costs. I haven't had luck getting my money back from refinancing the houses. Good tenants and decent cash flow, but the current house I'm looking at would leave me in a $40k hole. Is it expected to not be able to pull all your cash back out after refinancing? I like having nice maintenance free houses with good tenants and cash flow, but it's going to make for slow going to build up a good portfolio. I'm pretty new to investing and it is all a learning experience. I really like the brrrr idea, just slow going bc of the money out of pocket.  Thanks