Cash out refi, is it doable?

[Benjamin Voorhis]

I am planning on purchasing my next rental property soon and was wondering how cash out refinancing works. My local bank has good loans for rentals (I pay 20% of purchase price and rehab, so if I purchase for 80, rehab is 20, my costs would be 20k plus closing costs) the note is on a 15 year note but carries a higher interest rate and has a 2 year pre payment penalty. What I want to do is purchase these homes with this investment and do a cash out refi (I believe is up to 75% LTV minus closing costs). If I buy right, I should have instant equity, plus build up equity fast on the 15 year note, and I should be able to cash out what I put in on the property, putting the remainder on a 30 year fixed rate at that point. My question is, is this doable, can I cash out multiple properties? I can buy about 3-4 properties like this a year, and as they come up to their two year mark, I would cash out and pull my money back out and buy more, but not sure if that is realistic.

Thanks!