Cash-out Refi. Necessary for first property?

[Peter Teachen]

Hey Everyone! First post here but long time follower. Been itching to get my passive income journey started and am committed to buying a property this year. Been doing all the recommended items of visiting properties, talking to real estate and finance agents, running deals, etc. And now I believe I have found a deal to move on but I have one slight issue with this deal, I do not believe I will be able to do a cash out refi as it is in near turnkey property and I am only estimating 5K in paint and lighting fixture changes.

My questions are as follows and any guidance from the community will be greatly appreciated!

1. I will likely tie up all of my personal money in this first deal. Is this bad? I can save money at a very high rate with my W2 job.

2. I would like to buy more than one property this year. This deal would get me to 60% of my goal on passive income this year. Any advice on goals vs if the deal is good do it?

3. I believe the rents are 15% below value on the conservative side. If I get the rent up and have the financials to show the bank, will the likely allow me to refi at a higher amount allowing me to take some of the cash out? If yes how long will this take?

Thanks! Pete