In BRR, could I pay off the previous home using the refinance?

[Mike Brown]

Regarding the Refinancing part of the BRRR method, would it be better to use the cashout refi to pay off the remaining balance of the previous home for extra cash flow, or use that money to buy another and build equity?

For example, say you buy an $80k home with $20k down and spend $15k in renos. It goes up to $125k after a year of "seasoning", which is an increase of $45k. Could I get that amount from a refi to bring the loan balance down to $15k or so, and pay it off faster for extra cash flow? Also, this might be a dumb question, but if I take out 45k equity in this scenario through a refinance or something, wouldn't that mean I'd have another mortgage payment to make even if I pay off the original loan?