[Calc Review] Help me analyze this deal

[Chris Janis]

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I am looking at financing this using the BRRRR method, however I have a question regarding the refinance loan. If I initially ask a hard money lender for the 135k (purchase price) plus approx. 18k (repair amount) (Total loan amount of approx. 153k), and then after repairs are complete and it gets appraised for approx. 170k, then I get a cash-out-refinance loan for 70% of the 170k which would be 119k. There would still be 34k remaining balance on the hard money loan. Is this just a bad decision to move forward with the BRRRR method or is there another way to (or is there something im missing) knock down the remaining balance needed to pay off the hard finance loan? Thanks in advance!

CJ