Dumb Brrrr question about refinancing

[Patrick Lloyd]

So I'm looking at a property that is going for 140k, I think it can rent for 1600 with about 5-10k in repairs and it would be worth 170k. First of all can you finance a purchase of a brrrr property? I get it cash is better but you still can get a loan right? Secondly When I try to use the BRRRR calculator the cash flow shrinks after refinancing with 75% arv because why? It's worth more so there is more to finance correct? What happens to my cash down payment from the initial loan when I refinance mortgage? Sorry what am I missing?