can you call this a BRRRR ?

[Terry Ouimet]

I'm a little new to this but, ..to be considered a BRRR,do you have to buy with cash or can you still benefit from the principles by taking out a mortgage? I just bought a foreclose SFR and after rehab, I'll be at about 60% ARV. I could have paid all cash but at $490K, it would have emptied me out pretty well so I put down 30%/ 30yr/3.75% I'm going to live in it while I rehab it, and rent my main house out to cover the mortgage on the BRRRR house. Can i not still refinance after 6mo- 1yr and pull out equity to use on another BRRRR ? or , did I kind of pingeon hole myself to where my only option would be to sell it to recoup the forced equity and market equity that I have created..buying it and rehabing it at a cost of $95/sq ft and selling it for $188-210/sq ft puts a potential $300K on the table in profit. Thanks !