COCROI Quick question

[Cesar Valencia]

Hey everyone,

I'm currently working on a remodel which I plan to BRRRR. I'm wondering if you do your cash on cash return estimates considering a cash-out refinance. Meaning if I refinance and say I take out the amount I used for a down payment would I do my cash on cash return estimate not accounting the down payment since I took it out of the property? I'm new to the game obviously so apologies if this question is silly. Thank you for any input.