All-cash Rehab: How long until I can re-finance?

[Daniel Smith]

For my first property, I'm looking to buy a foreclosure, rehab it, and then hold it to rent. It is my understanding that it is hard to get financing for foreclosure properties (especially ones priced as low as I'm considering - <50k). Therefore, it's likely I'll have to go all cash. However, that severely limits my cash-on-cash returns. I'd like to utilize the power of leverage to grow my portfolio. So, at what point would I be able to re-finance and pull money out of the property? After a certain number of years renting it? Or could I do it on Day 1 if it appraises high enough?