Feedback for next deal leveraging lastest deal

[Mary Spalding]

So, our latest SFR is closing soon and I am already looking at the next deal and hope to move to flipping, long term.

We have 3 rentals and that is our limit on rentals we will hold.

House has 35k mortgage and with PITI payments will be $358. We will rent it for $800; this is a very realistic number, so feel safe stating that.
Tennants will pay 100% of the utilities.

The house will be rehabbed and will be ARV $110k conservatively.

I would live to get some cash out and then start using those funds to pay cash for another SFR and then start flipping them.

With a cash out refi, I can probably get 65 LTV and with fees maybe get 35k out, which is something I can use/live with to buy other homes, and we would still have enough to cover mortgage, etc. I think my numbers are close, but not perfect.

But, am I thinking straight? Does anyone have other ideas?

I am not opposed to HML, if the terms are right.

Any thoughts are appreciated.

Thanks all.