BRRRR Logic Verification

[Jeremy Paschedag]

Can you tell me if I'm understanding BRRRR?

I have a SFR that I have had for 4 years with a 15yr mortgage with a tenant that I bought for 100k. Some reno's have been done. Payoff is 60k. If I cashout refi for at 80%, I'd need to put down 12k, plus say 2k for closing costs. Leaving me with about 26k to put down on a new property with and adjustable arm for 5 years. Make some reno's. After about a year, cashout refi for a 30 yr mortgage and repeat.