you're trying to increase the ARV as much as you can and then refinance and with rates high, you'll probably be at break even or even negative.and it's very risky to use 100% leverage. 

Investing as a limited partner/ passive investor is a somewhat risky endeavor whether it in private placement or in the public markets.  

Don't let the naysayers convince you it's too risky or "dangerous".Now don't get me wrong, I'm not saying you should buy a NPN without knowing the basics.

And when a rising tide is lifting all boats, groups that amplified their results by using risky high leverage could score some massive returns until the music stopped, then will subsequently struggle to keep the rest of their portfolio out of foreclosure.

But if do a BRRRR from far away that's risky too, without a really good and trustworthy team in place and lots of checks and balances (security cameras, someone local to check on your property) and the ARV and refinance aspect can be challenging.  

If you are trying to get the top rent price and/or not offering the best value proposition for a tenant they may have shorter stays on average.

I also read in real estate by the numbers that it's risky to bet on market appreciation.

Risky part with pulling the equity out to use on a BRRR is what if the BRRR goes over budget, doesn't appraise, etc.

Your "goal" right now is to replace your income, but you don't know enough about investing and the risk is too great.

Once they learn how you do business, they will see you as less risky, offer better teams, and maybe even grant you access to cash you wouldn't get otherwise.