How should I be looking at a BRRRR deal?

[Nate Pummel]

Hi everyone! I'm looking for some guidance regarding how to truly evaluate a BRRRR deal. I have a deal I'm evaluating that is an 11% CAP, $260/month cash flow with a cash outlay of $15k before I refinance. I plan to delayed finance so my outstanding balance is the $15k for rehab. If I refinance at 80% LTV my CAP rate drops to 6.8%, cash flow drops to $75 to $100 per month, and I'll get most of my cash back out, probably have between $1000 - $4000 stuck in the property. One other item to note, my cash is coming from a HELOC so if I have an outstanding cash balance it's essentially a second loan. So now for the question, when I BRRRR am I just trying to stay cash flow positive? Should I be looking to get 100% of my cash back?