BRRR to raise capital but not long term rentalincome?

[Eric James]

I have a local lender who will finance rental property purchases with 20% of purchase price down, and they will also finance repair costs in addition to that. The lender will then refinance based on ARV with no seasoning period. I've found several properties (and have 1 under contract) that are <65% of ARV-repair costs, and I could more or less double my initial investment after refinancing (e.g., $28k initial investment, pull out $55k after refi). However, after refinancing the rental income would only allow me to break even, with no cash flow. I've thought about making these purchases, then maybe selling in a year or two. Do you think this type of deal would be worthwhile?