Conventional Loan Then Refi To Conventional Loan

[Arron Paulino]

I'm considering buying a property to rehab and then rent out for my buy-and-hold strategy. It'll cost me about $55k to purchase and about $5k to rehab plus other costs (maybe another $5k). Running comps on the area, it looks like conservatively, houses sold for $70k in the area. Is it possible to purchase the property through conventional financing followed by getting it appraised (after a seasoning period I would assume) and then refinancing to do a "cashout" for whatever can be recovered from the property? Should I just keep it traditionally financed? Looking forward to responses!