How long after buying before a cash out refi?

[Brian Kempler]

Hi, I'd like to buy a property in the 110k range (my own cash), refinance out the cash and sell it in a land trust on owner financing, deed held in escrow until fully paid off.

The niggle I see is that I think most lenders have a seasoning requirement on the property purchase before you can refi the cash. Is that true or does seasoning only apply to new mortgages?

If the above is not true I welcome any suggestion why more people don't do this.