Buy duplex with cash, get mortgage after?

[David J.]

I'm a new investor. I recently sold a business and have enough cash that I can buy (and repair) a property without financing. I like the advantage of making a cash offer, plus being able to fixes without following bank rules. I also like leverage and low interest rates. 

So I want to buy a 2 unit rental property with cash, then take out a mortgage. Is this a reasonable strategy? What sort of rate should I expect? As a result of the sale of my company, I have gone from low six figure W-2 income to mid-six figure investment income. Will this affect my mortgage application?