Hard money or All cash

[AJ Biz]

In the process of buying an REO 4 plex. Owner is still in one of the units. My conventional loan cannot fund because the owner (holdover tenant now) or foreclosing bank will not cooperate in getting a wall heater installed in that fourth unit.

My options - close it all cash. Or hard money loan.

Once we close with either options, I could do a refi.

Issues: If I go all cash, can i get a cash out refi (pulling out 75% of equity)
Or, if i go HML, and for whatever reason i cannot refi, i would be loosing money on the investment (carrying cost too high) and then at the end of 6-12 months, pay the HML lender out (all cash).

I would go with all cash, if cash out refi on conventional non owner occupied 4 unit property was "doable" in this day and age.

Thoughts?