Starting out, confused on getting money back out with BRRRR....

[Blaine Cox]

I have a question in regards to staring out with not being able to put $ down. For an easy example, say I purchase a property for $100,000. If I need 20% down plus say $10k in rehab costs that puts me cash in at $30k. If I am getting this $30k from a "hard lendor", how will I get my cash back out at a refi? If after repair value is say $130k. If they lend up to 80%LTV that would be $104,000. Minus the loan of $80,000 leaves $24,000. Do I just eat that $6,000? This example doesn't even include closing costs and holding costs, etc...