Purchase condo all cash then refi with portfolio lender?

[Account Closed]

I'm looking at purchasing condos, all cash, for about $100K. Then, after some upgrades and renting it out, refinancing the unit to get the cash out. However, I know that given Fannie/Freddie guidelines on condo buildings (i.e., ratio of units that are rental v. owner occupied), that I may not be able to get a conventional loan. What should I consider before going all in? What should I do ahead of time to: (1) structure the initial purchase to make sure that I can refinance down the line, and (2) make sure that a portfolio lender would want to lend on such a unit? Does anyone have any experience doing something similar? Is this relatively simple? Curious to hear. Thanks.