Acquiring a Buy and Hold

[Vincent Ngo]

Hey BP community. 

I am trying to obtain a buy and hold multi-family unit in Philadelphia. This is my plan; I plan to receive a gift from my parent which I hope to use as a down payment for the property. Assuming all rents are substantial they should be able to cover my debt service and any other expenses needed (repairs, water, vacancy, cap Ex, etc.) 

Now after the seasoning period of 6 months to a year I plan to refinance and cash out to repay my parents and hopefully make a profit assuming the appraisal value is higher than my purchase price of the property. 

How does that sound? I feel like it works in my head; but has anyone ever actually done this and was your overall experience? Any drawbacks or things I should look out for?