Refi out down payments?

[Kamlesh G.]

:idea: I was thinking of a way to expedite my REI purchasing power.
What do you guys think of buying a property slightly below true value.
Then after 6-12 months of seasoning the loan, refi out the full value of the property. To the extent that the NOI Meets 120% of the mortgage.

Is this feasible in todays mortgage market. I would only do so if the cash would cover my initial DP plus closing costs. Any other pitfalls I would have to look out for? TIA...