Cash Purchase & Refinance Question

[Ozzy Reynolds]

Hi everyone. I have a potential deal in the works but I'd like to get some opinions from more experienced investors.

The house is a foreclosure. It needs approximately $15,000 of rehab (paint, carpet, appliances, minor roof leak) and it's ARV is $100,000. It is priced at $75,000 right now but I believe I could get it for $65,000 if I offer a quick cash closing.

My plan is to purchase it for $65k cash (my own money), do the $15k repairs, then find a renter. This would put my total investment at approximately $80k. After a renter is in place, I will get a loan on the property (80% of ARV) and get my $80k back so that I have cash on hand for another deal.

Rent for that particular property is approximately $900-$950/month.

Is this a good plan or is there a better way. Thanks in advance!