First BRRRR deal (hopefully)

[Jerod Smith]

I've read so many BRRRR threads that I hope I have a handle on this and ready to do my first deal. Would love input.

• $46k cash on hand. 
• 2/1 ( could be 3) SFH offering $30k in recovering, popular neighborhood.
• Rehab cost $20k
• ARV is $70k

The plan:

• Use HML (12.75% 15yr, 20% down, 1% per $1k upfront fee, 1%/balance early payoff fee inside 1 year,) Initial purchase = "approx" -$24,000 (incl $6k down).
• My cash for the rehab. = -$20,000
• Appraisal = -$400

1. total in- $44,000 ($26,000 mine)

• Rent ASAP $800/mo (approx $2400 net for 6 months)
• In 6 months, Refi 70% of ARV = $49k

Questions:

• Am I crazy for taking the 12.75%?  Is there a better way? My thought for keeping more cash on hand was a safety net because it being my first deal.  In addition, the traditional bank I've used on to 2 other deals seemed a little timid of my strategy. So, I went to somebody who was willing to do it. 
• doesn't this scenario put me back where I started with my cash in hand?
• Is it possible to do a home equity immediately after rehab to cash out early?  What are the details of that route? (Cost, rules etc). 
• Other thoughts?  Things I'm missing?

*please excuse any errors in the math. It's late. ;)