cash out refi VS conventional

[Tony Antonelli]

we've bought and sold several houses with cash and conventional mortgages but we've never done a cash out refi. we really like coming to the table with a cash offer but we're starting to think about expanding our portfolio in a new market and as it turns out, our cash is not endless :(  so right now our thought is to buy 1 or 2 properties with cash just to get the ball rolling and then refi to get some back for down payments on a few more.  

i guess my question is: aside from potentially missing a deal by not offering cash, how much more expensive is it to pay cash up front then do a refi VS just doing all conventional loans from the start?   we're dealing with single family properties in the 100-200k range. 

thanks in advance for any advice.