refi cash out terms question

[Andy V.]

I am attempting to put a deal together for a 12 unit apartment building. My cash is tied up on 3 SFR flips so I have a partner that would fund the deal. Its a great deal as the cap rate is over 18! its fully rented and I would intend to spruce up several of the units as time allowed. I'd like to cash out/refi in a year to buy out the partner and pay him 10% interest per month as well. Is it reasonable to figure that I could get the cash-out refi, assuming the appraisal came in high enough and its based on 75% of the appraised value, and put none of my own money into the deal to buy him out? Example: purchase price of $270K (18% cap rate), appraised value after rent adjustments and some spruce up $420K. I could pay investor off ($297,000) with the 75% of $420K cash out? Or, do they always want you to have 25% skin in the game?