Beginning my journey in BRRR. Looking for advise!

[Doug McRae]

I have an investor who has about 150k in cash. We are actually putting an offer in on our first investment today. It's a foreclosure with a ARV of 160, and we offered full asking at 120k. Needs about 10k of work and we are going to rent it for 1,300 a month. Our plan is once we rent out this first property, we are going to refinance and take 110k out and find our next property. And do that over and over again. We formed an LLC and plan to operate completely under it. I am looking for feedback, what do you think of this plan? What would you do differently? What is your advice for this new partnership? And feedback is appreciated!