Newbie Investor . Strategy and execution

[Leo Previllon]

Peace and blessings to all . Hope everyone is staying safe from the virus . I’m finally ready to start my real estate investment journey . Thanks to everyone who has contributed at bigger pockets as it has guided me in the right direction to start . I’ve been reading a lot , YouTube binge watching and decided I need to jump in but still need guidance to execute properly . 

I live in NY but want to invest in ST Louis and Chicago . I have family in both cities . My strategy is going to be BRRRR using hard money lenders to get financing. I know it's tough but I feel confident I can make it work . One part I've read is to immediately cash out refi after the deal is done . Others have also said to make sure you have the cash out refi lender in line as you are closing on the hard money loan .

Here is where I’m confused . As the hard money loan is being closed on . I can call other lender to cash out refi before it even closes ? Do I have to wait a couple of months ? How do you know if the cash out refi is going to cover the hard money loan , fees , etc ? 

If anyone is versed in this type of deal I would love to hear any advice , experiences , pitfalls , pros , cons ? . I hope I explained myself correctly . Is there anything I’m overlooking? Is there a better strategy? 

I want to use hard money lender to close on deals faster because when I tried in the past to get into investing, waiting on  banks cost me deals . It also seemed like someone came in with cash offers and took me out as I waited on my conventional loan to process . Totally taking me out and not even starting . Also money I have in the bank I want to keep for emergencies and use the bank money to get deals . I want to start some ( 2/3/4 units )  and build from there . Thank you .