Refinancing

[Crystal C]

I'm looking at a 3 family that is asking $197,500 and the assessed value is $248,500. Does this mean that I can purchase this property and then refinance and walk away with money right away? Or would I have to make the needed repairs first then refinance?

AND

I thought you had to own a piece of property for a certian amount of time before you could refinance what are the loop holes here. If there are any.