Can I refinance a home that I recently got for cheap?

[Jason Switherspoon]

My cousin wants to sell me her $275,000 (appraised) home for $235,000 to help me get my first investment property. 

Can I buy the house, get a loan, get tenants, then immediately refinance the house for the full value of $275,000, and effectively pull the $40k of equity back into my bank account? I assume there will be capital gains tax at the very least, but this would still make my first property roughly 20% CoC which would be incredible.