Hypothetical BRRRR: What am I missing?

[Jasper Franklin Heilig]

Let’s say I had $100,000 to invest.

B. I found a house for $60,000 and bought it for cash (what would closing cost be for a $60k house paid for with cash?)

R. I spend $30,000 in renovations.

R. I rent it out for $1,000 a month.

R. (How long would I have to wait to refinance?) The value after repairs is $125,000, 80% of that is $96,000 (how much would closing cost be for a $96,000 mortgage?)