Delayed Financing

[Luke M.]

I was thinking of purchasing properties cash, at 25-30% of their appraised value and then taking out a mortgage (or what I guess would be considered a home equity loan) on them after the closing. This would allow me to have little to no skin in the game on a cash flowing property, allowing me to move onto the next quickly and with cash offers. I'm aware that Fannie Mae recently approved this, and it's referred to as "Delayed Financing". Are there any tax disadvantages to this approach, and is this Ill-conceived? Thanks for the input