Limit to BRRRRR?

[Russell Gronsky]

Buy for cash, rehab, rent, refi to pull your cash out. Rinse. Repeat.

Got it.

But, that means you take on a cash out loan for every property you use BRRRRR.

So, how many loans can you carry this way? 

Do they have the same weight on your credit report as a conventional mortgage? 

Do you still fall under the 10 loans rule for Fannie/Freddie?

What other pitfalls/challenges should I know about with BRRRRR when I'm doing my 2nd, 5th, 8th BRRRRR property?