Question about buying at auction

[Austin Snow]

There's a home in a neighborhood we like that's being auctioned off on 2/15. In the county I live in, auctioned homes need to be paid for, in full, on the same day as the auction. 

This house might be worth $330-350K on the open market, but it's likely to go for less than $300K at the auction. Here's where I'm trying to get creative:

I have around $190K cash-on-hand, and I'm thinking about borrowing another $100K+ from a willing parent to possibly fund buying this property with cash. 

The key is that I would like to then turn around and refinance the home to be able to pay the borrowed cash back and to recoup some of my liquid capital. 

Has anyone ever done this kind of thing? I'm just curious as to whether or not I'll be able to refinance right away after purchase.