Turn around time to refinance

[Robert Taylor]

I have been on Biggerpockets for a couple of week I am ready to by my first rental property. I have about $15,000 in cash and I can get about another $35,000 for about 3 months then I have to pay the $35,000 back. I was thinking I would like to find a $50,000 property to generate some cash flow. My question is how long would I have to have owned the property before I could refinance with a conventional mortgage? Also on average how long would the process to refinance take? Is this a good strategy? 

I would like to get private money for this but I really don't know anyone personally with this kind of cash.