Cash only terms, how to know if bank will refinance ahead of time

[David H.]

Hello,

I'm looking at buying my first rental property. I saw a property that looks to be a good deal but the terms say "cash only". I haven't contacted an agent yet to have them speak with the seller, but if it is indeed "cash only" I am wondering how I can do the deal. I have enough capital to do the deal with cash but I would definitely want to do a cash-out refinance as soon as possible. 

My question is then will banks guarantee ahead of closing a cash-out refinance for a particular property? My concern is that maybe there is something wrong with the building (it's a condo) that would prevent getting a conventional mortgage and then I'd be stuck with a large portion of my capital in this property.

Thanks for any advice!