Wrapping my brain around creative financing

[Lance Card]

Hello BP! I'm trying to wrap my brain around some of the creative financing options as we're looking into pursuing our first property for a buy and hold scenario. I've been bouncing the concepts around and around, but the following scenario keeps staring me in the face and screaming: DOUBT ME! So, I'm hoping that some of you people who are smarter than me can put this to bed.

Scenario: Purchase a property using hard money with the intent to refinance as soon as possible into some kind of a traditional loan.

Cons: 

• Hard money is hella expensive interest
• You have to wait 6-months to refinance from what I've read

Pros:

• You can cash buy where you don't have immediate cash reserves

What am I missing here? 

I appreciate your comments and thoughts in advance.