The Refinance Part of the BRRRR Strategy

[Ryan M.]

In the BRRRR strategy, you generally do a cash out refi in order to get the cash to "repeat." Is there a POV on whether or not you should refi the entirety of your initial investment so that your COC returns skyrocket and your risk is reduced, verses refi just enough that's needed for your next investment and leaving in the rest as equity (assuming your next investment requires less initial investment than the first)?

When doing a cash out refinance, should I factor the closing costs into my COC return? I hear some people talking about how the cash out refi results in infinite COC returns, but that's not actually the case, correct?