Buy with cash then get a mortgage? Pros/cons (for buy & hold)

[Brian Dickerson]

We have decent chunk of cash ready to invest in our first rental property.   In looking at deals, I see some that we could potentially pay cash for.  The benefits I see are quick closing and possibly getting a better deal because of a cash offer.  However, we'd want to get 75-80% of that money back if we bought with cash, which I understand you can do with a refi.   Is this a sound idea?  What are the possible downsides?