Buying all cash and then finance

[Fran Arti]

Yesterday a somebody told me that he could have bought an apartment building in my city during the lockdown with almost 30% discount because the buyer needed liquidity urgently. This rose up a question in my head. I though about two options. Lets say that property´s value is $1M so the purchase price is 700k, paying all cash. The 2 options are:

- Buy it all cash and enjoy its cashflow and looking to finance it and cash out to have liquidity to invest in another option, having the building as warranty.

- Buy it all cash, get rid of tenants (they are on month to month leases), rehab it entirely, get rented again 100% (higher rents) and get financing, taking advantage of the increase in value/higher rents.

Is this savvy enough? What would you do in this scenario?

Thanks