15k for down payment; 36k a year salary; 400 in monthly debts

[Jack Salamone]

This my situation currently: 15k for down payment; 36k a year salary; $400 in monthly debts

What should I do? Thinking of getting a mortgage of around 100k with very little down (I took a class that will allow the bank to give me a loan with only 3% down payment) then investing most of my 15k into reno. 

Now, let's say that the property value increases to 140k after the reno, can I then get any capital to work with if I approach the bank for a cash-out refi?  

If not, why? 

And how long will/would I need to rent out the property out in order for the banks to give me another 100k loan?