100k for rentals

[Alex Lane]

hello bp! 

Im currently brain storming the best ways to leverage 100k towards rental properties.. If I used that cash towards down payments for multiple properties would I need to buy homes under market value in order to refinance to get my 20% DP back? I know buying under market value is always the goal but there are turn key retail priced homes in my area that are still cash flowing. If I took out a conventional loan and put 20k down on a property with an equal purchase and appraisal price can I refinance shortly to get my 20k back?