Buying cash then refi or use conventional from start

[Joseph Duffy]

Hi, sort of a newbie here, have not owned a rental since 2004 and the landscape is incredibly different today.

Question is - should I buy with cash then refinance to pull equity -or- finance with a more typical investment property loan (70%/30%) for my 1st rental? Details of three properties I'm looking at are roughly:

Single family home, purchase $60-75,000, about $5,000 in repairs in all three, ARV roughly $75-90,000. So not a lot of money. My idea was use cash for purchase to close quickly and easily (and get a good deal) then pull about 70% out and do it again. I want to leave some equity in it for a number of reasons. The cash path seems like there is so much less headache and I can still easily end up with +/- 5 properties totaling $100,000 in equity.

All input is greatly appreciated!