Hard money + refinance = free income property

[AJay Williams]

Hello, I am a new investor and I am pondering a new strategy. If I buy a property from a motivated seller for 80k then refi for 110k because that is what the comps in the area are worth can I keep the property as a rental? What am I missing this idea seems very simple so I wonder if I'm missing something. Any help would be immensely appreciated.