(Leaving me with enough credit to complete the rehab) I understand that the goal of the brrrr method is to have the ARV higher than the initial cost of the property, rehab, and all other closing costs in order to refinance which will pay back the line of credit left with just a mortgage that the tenant is now paying.Is it that simple?

I have made some payments for the initial advance and demo and currently, they are working on the house.

Is there a prepayment penalty in the initial loan or can you refi as soon as you rehab and rent up?  

I usually meet with potential clients , perhaps show a property to them or have an initial consultation if they’re remote in order to make sure it’s going to be a good fit before entering into a binding agreement with them.

Otherwise your initial investment will continue to shrink by about 20-25% per property, or you’ll have to wait for market appreciation before you Refi , which would take years depending on the market.

My initial goal was to flip it, but I ran into some extra expenses and it cost me far more to do the flip than expected, which is why I have such little equity (it was my first attempt, many lessons learned!)

@Eileen L.You should have know about the origination fee/points upfront with their initial estimate. 

If you can BRRRR going forward, you should theoretically be able to pull some, most, or all of your initial capital depending on how good the deal is.

The initial offer was accepted.

My intent initially wasn't really to make money just to keep the mortgage up while myself and family stayed in an area that my daughter could go to a school we wanted her in.