Cash purchase then refinance

[Huey Martin]

Hello everyone. I’ve been following the forum to build my knowledge as I prepare to purchase my first investment property. With that said here is my current opportunity. 

Property is for sale. Friend is willing to loan me the cash for full purchase price (for a fair fee). Property would be purchased for cash in my name using his funds. (Avoids tying up 20% of purchase price for down payment required for traditional mortgage of my cash)

Once closed on. I would then plan to “refinance” the property and pay him off. As well as pull some extra for improvements to the property, depending on the equity (which I know is there otherwise I wouldn’t be looking at this property)

Am I missing anything? Would there be a reason a lender would not refinance within a few days/ weeks? Could this be as simple as I’m thinking?

I appreciate your input.