No money down loans strategy help

[Joseph King]

I apoligize if this is the wrong forum, it's the closest I could find for my question.

So essentially I was listening to a few of the podcast about creative financing and I came across a strategy I somewhat  understand and essentially its no money down investing. Now my understanding is going to be very general so don't blast me for leaving out details. So it starts,I came across a 12 unit deal for 400k assssed at 500k and 11 of the 12 are rented all the numbers look good and Im ready to finance this deal so I choose to use a commercial loan 20% down with a 25 yr amortization. Now I don't have 20% of 400k which is 80k, so I use a hard money lender to fund the down payment with a short term loan of 1 year im not to sure on the rest of the rates. So I get approved for the loan and the hard money lender funds the 80k. Now I close on the property. Next in a few months I refinance the property with the assessed value at 500k  and take out equity against the property 100k. I pay the hard money lender the 80k plus the interest and keep the remaining for repairs. 

Feel free to tell me how screwed up and confused I am, we were all new at one point. Also excuse any grammar mistakes.