Modified BRRRR method and short term rental question

[Anthony Stefanacci]

Looking to buy our first BRRRR property and in this market wondering if a modified BRRRR method would help. I'm a GC and own a few rentals currently but this would be our first BRRRR. We are in an area where every house has 10+ offers in 24 hours so in order to stand out we are thinking of buying with cash.

Buy, A solid cash offer at list
Rehab, Use cash
Refinance, Really, just finance since the purchase was cash
Rent, AirBnB as it's lucrative in our area
Repeat

If all goes like I think it will, when we finance after purchase we can borrow 80% of the new appraised value with a hard money lender which may equal or be close to our initial cash and rehab amount. 

Please let me know your thoughts?