Refinancing and 15yr vs 30yr

[John Moon]

Hey folks,

I got a deal thats looks pretty good in terms of numbers. Let me know if you think other wise.

On a 30 yr loan

downpayment: $19,400

total cash outlay: ~$25,800

monthly cash flow: $297.18

yearly cash flow:$3,566.16

COC return annually: 14.04%

On a 15 yr loan

downpayment: $19,400

total cash outlay: ~$25,800

monthly cash flow: $106.18

yearly cash flow:$1,274.16

COC return annually: 5.02%

The down payment is high (almost all my money) and I won't have much left after buying this property. 

Refinancing

People talk about refinancing to get their investment cash back, but this property is already move in ready with new appliances so I think it was priced accordingly (although I did buy it less than listing price). How would refinancing work in these cases? 

loan year

My dad is pushing me to get a 15yr loan instead of 30yr (b/c of the amount of interest you would be paying with a 30yr) also the equity you get with a 15yr loan is significantly higher and it starts pretty much from the first payment. If this is the case wouldn't it be better to go with the 15yr for a bit and than refinance it when i have more equity in the house? I feel I would be able to pull out more money sooner than if I go with a 30yr. What do you think?

Thank you for the help!