BRRR, without the Rent - Is this a viable strategy?

I am looking to buy my own home (Not for renting purposes). I am interested in buying a foreclosure/fixer upper properties that I can put rehab dollars into, to create some equity and get into the certain area for cheaper than buying a ready to move in property.

Now, I have the cash to put down 20% on the property, but I do not have the additional cash to provide for the rehab costs. I now need to find a hard money lender so I can fund my rehab budget. Lets get to some numbers as an example.

Say I purchase a 3 bed, 2 bath fixer upper home for $190k. I put in $38k for the down-payment

Rehab costs $45k.

Looking at comparable properties, I assume a ARV of 270k.

For the sake of this example, lets say I refinance 75% of the bank appraisal of 270k, which leaves me with 203.5k.

Using the 203.5k to pay off the original loan remaining amount (152k after downpayment) and the hard money loan ($45k+ $5k interest) just about leaves me with nothing leftover.

I now have $38k of my own money and a loan for $203.5k, giving me a house cost of about $240k. Considering the ARV, that's $30k equity gained, a remodeled house that's designed per my vision, and only $38k of my money rather than $54k (20% of 270k).

Am I overseeing something here, or would this be a viable strategy? I also have someone close that I can borrow hard money from for relatively cheap (~6%), so that plays more into my favor. Your insights are very appreciated!!