That may be acceptable to you but the less cash you leave in the deal, the more you can recycle your cash into the next one.

Perhaps a CORefi makes sense if you plan to hold the initial property long term and you want to keep the equity recycling in the BRRRRs.

In Las Vegas proper, the tenant is 100% responsible for utilities< had one stick the water company with an $800 bill and when I called they said they’d try to collect before that tenant could get water in the valley in heir name but I was free and clear. in north Las Vegas however, since the city is involved with garbage, sewer, water and recycling, if the tenant doesn’t pay theirs a lien on the house even if it was in tennants name.

I reply "my rental properties pay for me to live in a luxury townhouse for free" while recycling the downpayment money and having all the other real estate benefits.......

You can recycle the capital if doing your own deal or if allowed by the sponsor/developer.Unless you are looking for a passive investment approach I think for most individuals a 1031 makes the most sense.

This is classic BRRRR thinking. and hypothetically works if you first bought the property at the bottom of the last RE cycle and rode the appreciation cycle up to current levels.

Love the idea of recycling money and if not possible if borrowing then would be major advantage of putting down cash.

The refinance after is just to recycle your initial investment and build instant equity and cash flow.

HVAC must have been hawked, none there any more, plumbing that was metal was recycled too.So, roof $6,400, plumbing, $1,500, HVAC, waiting for estimate, but should be around $8k with duct work,  paint inside $2k, new cabinets, sink, facet, d/w, counter in kitchen maybe $15k, bathroom fixtures for 2 bathrooms $3k, flooring (labor ourselves) vinyl laminate $4k, 5 broken windows after leveling house $300, leveling house $8k total for all this : $48,200.Total cost for the purchase and fix is $115k. 

That way I can 'recycle' my down payment into another one.