Cash out and Refinance

[Letizia Caselle]

Hi Everyone, 

I am new to this, and I plan on purchasing a multi unit in the burbs for $200k cash.  I am being told that in 30 days I can refinance at the bank and get the $200 k back to continue my venture.  For some reason that does not seem right to me.  I do not plan on refinancing in 6 months after I renovate the property but simply in 30 days to get back what I paid for.

Is that correct or do I get 70 to 80 percent LTV for a investment property?