Refinancing a rental condo?

[Misa N.]

My plan is to borrow money from family to buy a condo with cash that I intend to rent out  longterm. That way I'd get a leg up on other offers and better price (the condo community I'm looking to buy in is pretty competitive). Then I plan to refinance the condo in order to pull money out to pay my family back.

I've never done this before so have some questions. (1) is it pretty easy to refinance a rental condo? I know financing an investment property is hard and even more hard if the investment property is a condo so I just want to make sure I don't run into any issues. (2) Are the rates comparable to if I had financed the condo in the first place for the purchase? Ive already shopped around for rental condo financing so know the rates. (3) will I be able to deduct the interest from the refinanced loan from taxes? 

Thank you. I appreciate any input/feedback.