Cash out refi to 25% down investor special loan - Good idea or ?

[Jesenia I.]

I may have the chance to access equity on a family members home to use as a large down-payment on my first investment property. I found a loan program that if I can afford 25% DP then I don't need to qualify on my own W2 income. There is a 3-year waiting period for refinancing/pay off. This seems like a good idea to me since I just started at my job with commission pay and will not qualify for some time conventionally. 

Does this type of loan sound like a really good idea or a really bad one?