Experience BRRRR Condos? New Investor

[Pete Jimenez]

Hello, All! Does anyone have experience BRRRing a condo? This is my situation below....

Condo:

Purchase Price: $40,000 (cash)

Rehab: $12,000 (cash)

All in: $52,00

ARV: $65,00 (assuming appraised value based off comps).

Cashout Refinance: $65,00x .75= $48,750.

30 year loan @ 4.1%= $301 (includes taxes/insurance)

HOA: $350

Total mortgage with HOA $651

Rent $900

Cashflow: $249

I'm ok leaving some money in the deal as long as I get most of my money out. 

Am I missing something here? Would there be any issues refinancing with the bank because it's a condo?